- On 2 August 2022, Sygnum Bank announced the launch of Cardano Staking services.
Sygnum is a cryptocurrency-friendly Swiss bank and claims to be the “World’s first digital assets bank.” Sygnum bank has recently upgraded its working field and has added a feature of stake offering on Cardano ($ADA). The service will help the users to earn interest in their Cardano holdings.
Sygnum Bank announced on its official website that bank services are “fully integrated with its banking platform with institutional grade security guaranteed via segregated wallets, secure private key management, and multi-layer security infrastructure.”
Staking is the method in which rewards are earned for holding cryptocurrencies which uses the Proof of stake mechanism by helping to secure the network by ensuring the verification of all transactions.
Many cryptocurrencies have shifted towards adopting the Proof of stake mechanism, the reason being that the Proof of work mechanism is consuming huge amounts of energy compared to the Proof of stake mechanism.
The announcement further adds that the Delegators on the Cardano blockchain get rewards every five days and have the right to access or withdraw their Cardano holding any time they want.
Head of Business Units of Sygnum Bank highlighted his statement, “An institutional adoption of digital assets continues to ramp up demand for the ability to earn rewards alongside an upside from the underlying protocols also continues to rise Sygnum bank grade staking offering now including Cardano, offers our clients a broad selection of investment opportunities backed by the security and peace of mind of a regulated bank.”
Frederik Gregaard, Chief executive officer of Cardano Foundation, said that the new offering will allow “Sygnum bank clients to participate in Cardano Ecosystem where they can enjoy a risk-free staking experience without having to transfer the asset nor lock it.”
As per reports of The coin republic in March 2022, Sygnum Bank expanded its vision of launching Digital Assets management program in Singapore and Switerzland.
Sygnum Bank first offered their user to stake cryptocurrency in November 2020, when Sygnum Bank introduced the option of Tezos staking.
Sygnum Bank announced in starting of July 2021 that the bank is planning to add the feature of Ethereum 2.0 Staking services on the Sygnum interface, and the bank would allow the users to stake their Ethereum on Beacon Chain.
Sygnum Bank is an independently controlled Digitial banking solution working hard with the vision to expand its network globally.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.