The world’s first digital asset bank, Sygnum Bank announced the addition of Cardano (ADA) in its bank-grade staking offering which will help in its expansion.
With this integration, Sygnum Bank will allow ADA token holders to stake tokens on the bank’s institutional-grade banking platform and earn staking rewards.
Sygnum Bank already has integrated different proof-of-stake-based blockchains such as Ethereum (ETH), Internet Computer Protocol (ICP), and Tezos (XTZ).
In a blog post, the company stated, “Staking services are an integral part of Sygnum’s regulated offering, and can be conveniently accessed by clients through Sygnum’s eBanking Platform.”
The bank claims that the platform gives an institutional-grade security guarantee to its staking offerings. The infrastructure of staking contains segregated wallets, secure private key management, and additional layers of security.
Staking is the process to activate validation keys and participate in the validation process of transactions on the PoS consensus-based blockchains.
.Cardano generates staking rewards for stakeholders after every five days and users can withdraw their tokens. Furthermore, stakers don’t have to pay any slashing penalties, which clearly means delegators have full control over their ADA.
Thomas Eichenberger, Head of Business Units at Sygnum Bank, said, “Sygnum’s 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, CEO of the Cardano Foundation, said, “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 nor 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.”