September 25, 2022

Swiss digital asset bank Sygnum has added Cardano (ADA) to its bank-grade betting services for institutional clients. The bank’s customers can now earn rewards for staking ADA, the eighth largest cryptocurrency by market capitalization.

According to a Press releaseCardano joined the list of other cryptocurrencies supported in Sygnum’s staking offerings, which currently consists of Ethereum (ETH), Internet Computer (ICP), and Tezos (XTZ).

Sygnum adds support for ADA staking

Commenting on the development, Thomas Brunner, Head of Accounts & Custody at Sygnum, said:

“We are pleased to integrate Cardano and further expand our staking offering at the institutional level. With Cardano staking, our clients can access a unique asset that offers staking rewards and enables them to structure their digital asset portfolios in more diversified ways.”

Staking is the process of “locking” coins to validate transactions on blockchains based on a consensus proof-of-stake (PoS) algorithm or many of its variants. Users or “stakers” can assign their tokens to staking pools to receive percentage returns for their contributions to the network.

Investors to retain control of Staked ADA

According to the release, Sygnum customers participating in the ADA will retain full control of their funds and will be able to withdraw them at any time without penalty.

“This new offering allows Sygnum customers to participate in our ecosystem where they enjoy a risk-free betting experience without having to transfer the asset or lock it up. Plus…You always have authority over your ADA,” said Frederik Gregaard, CEO of the Cardano Foundation.

Sygnum reaches $800 million

Sygnum launched in 2017 as the world’s first digital asset bank. Since then, the Swiss bank has been driving crypto adoption through its offerings. In July 2021, the organization became the first bank to support Ethereum 2.0 by staking ahead of the network’s transition to a PoS consensus algorithm.

Earlier this year, Sygnum received regulatory approval to operate in Singapore. According to the report, the bank’s Singapore division has received a license from the Monetary Authority of Singapore (MAS) to offer corporate finance advisory services, capital market products and custody services to investors in the country.

In January, the bank reached $800 million valuation afterwards raising $90 million from Animoca Brands and other industry investors in a Series B funding round.

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