Cardano (ADA), the eighth-largest protocol by market capitalization, has been added to Sygnum Bank’s bank-grade staking service, the Swiss digital bank said on August 2.
According to a news release from the world’s first digital asset bank, “customers may quickly and securely stake Cardano” using the bank’s institutional-grade platform in order to “earn staking incentives.”
Clients will be able to stake Cardano from their current wallets and get staking rewards as it joins Sygnum’s growing portfolio of bank-grade staking protocols, which already includes Ethereum 2.0 (ETH), Internet Computer Protocol (ICP), and Tezos (XTZ).
Cardano staking and Sygnum banks services are all integrated
Sygnum’s staking services and the banking platform it uses are both fully integrated. Separated wallets, robust private key management, and multi-layer security architecture all provide institutional-grade security.
Thomas Eichenberger, the Sygnum Bank’s head of business units, said:
“Staking is the process of actively taking part in the verification of transactions on a blockchain that uses the Proof-of-Stake algorithm in exchange for staking incentives.”
Furthermore, consumers may easily access Staking services through Sygnum’s eBanking Platform, which is a crucial part of the company’s regulated offering.
“I’m delighted to welcome Sygnum Bank and its clients to our thriving ecosystem. This new offering allows Sygnum’s clients to participate in our ecosystem, where they enjoy a risk-free staking experience without having to transfer the asset or lock it. Additionally, Cardano’s state-of-the-art architecture provides both retail and institutional clients a unique experience for ADA-holders. You always have the power over your ADA.”Frederik Gregaard, CEO of the ADA Foundation
In other news, Charles Hoskinson, the inventor of Cardano, told users that the Vasil hard fork is now undergoing final testing and that he does not foresee any additional delays just a day before Sygnum made their statement.
Only a few “edge cases,” according to Cardano’s founder, remain to be resolved, and the Cardano team anticipates being able to provide an update with further information by the middle of August.