Cryptocurrency-friendly bank Sygnum Bank continues to expand its crypto services by launching support for Cardano (ADA) staking.
Sygnum announced Tuesday that the company has expanded its bank-level strike offering to include Cardano, allowing customers to generate rewards by staking ADA through the bank’s institutional platform.
ADA joins Sygnum’s growing crypto staking portfolio, which includes three proof-of-stake (PoS) protocols; Ethereum 2.0 (ETH), Internet Computer (ICP) and Tezos (XTZ).
According to the announcement, strike services are an integral part of the Sygnum platform and are available to customers through the bank’s eBanking platform. The services are fully integrated with Sygnum’s banking platform, which is designed to provide institutional-grade security by adopting segregated wallets, secure private key management, and other tools.
Staking is the process of participating in the validation of transactions on a PoS blockchain in exchange for staking rewards. Unlike proof-of-work networks such as Bitcoin (BTC), PoS blockchains do not require mining activity and instead rely on users locking down their coins to maintain a network.
Sygnum, a major regulated bank in Switzerland, debuted cryptocurrency strike about two years ago and launched Tezos strike in November 2020. Sygnum also announced in July 2021 that it would offer Ethereum 2.0 strike on its platform.
The addition of Cardano strike on Sygnum will increase exposure to the digital asset for many institutional investors. After a tenfold increase in gross revenues in 2021, Sygnum’s institutional customer base is approaching 1,000 in early 2022, the company announced in January.
“This new offering enables Sygnum’s customers to participate in our ecosystem, where they can enjoy a risk-free staking experience without transferring or locking the assets,” said Frederik Gregaard, CEO of Cardano Foundation. He added that Cardano’s architecture offers both private and institutional clients a unique opportunity for ADA holders. “You’re always in control of your ADA,” he noted.
Related: Ethereum Striking Service Lido Announces Layer-2 Extension
Amid the upcoming Cardano Vasil hard fork, many crypto firms have been working on Cardano-focused services. At the end of July, major hardware wallet firm Ledger announced integration of 100 Cardano tokens on its wallet software Ledger Live.
The Cardano Vasil hard fork is expected to significantly improve the Cardano network in terms of speed and scalability, making it more suitable for smart contracts and decentralized applications. After it didn’t go live in June, the Cardano Vasil hardfork was delayed again in July. According to Input Output Global, it may still take a “few weeks” to move forward with the actual fork.