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Cardano has recently joined the list of cryptocurrencies supported on the Swiss-based digital asset bank Sygnum’s staking offerings, which presently includes Ethereum (ETH), Internet Computer (ICP), and Tezos (XTZ), according to a press statement.
The eighth-largest cryptocurrency by market cap, ADA, is added to the bank-grade staking services, implying that it is now available to bank customers for staking.
While commenting on the new announcement, the Head of Accounts & Custody at Sygnum, Thomas Brunner, expressed his thoughts by stating that the company is pleased to integrate Cardano and further expand its institutional-grade staking offering. He added:
“With Cardano staking, our customers can access a unique asset which offers stake rewards and enables them to structure their crypto portfolios in more diversified ways.”
Cryptocurrency Staking is basically the process of “locking” coins for transaction validation on proof-of-stake-based blockchains or many of its variants. “Stakers” can pass on their tokens to staking pools in return for percentage yields for their contributions to the network. According to the press release, Sygnum’s customers who stake ADA will maintain full control over their funds with the ablility to withdraw them at any time without incurring fees. Cardano Foundation CEO Frederik Gregaard confirmed the same by stating:
“This new offering allows Sygnum’s clients to participate in [Cardano] ecosystem, where they enjoy a risk-free staking experience without having to transfer the asset or lock it. Additionally…You always have the power over your ADA.”
Sygnum plays a major role in crypto adoption
Since its launch in 2017, Sygnum has constantly been contributing to cryptocurrency adoption through its offerings. In July last year, the digital asset bank became the first to support Ethereum 2.0 staking before the network’s transition to a PoS.
In January 2022, as TheCoinRise reported, Sygnum raised $90 million in a Series B funding round, which increased its valuation to $800 million.
The Monetary Authority of Singapore (MAS) granted Sygnum’s Singapore division a license earlier this year to provide custodial services, capital market products, and corporate finance advisory services to investors in the region.
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