World’s first digital asset bank announces it will offer Cardano staking

World’s first digital asset bank announces it will offer Cardano staking
2 weeks ago
2 mins read

On August 2, Swiss digital bank Sygnum Bank made the announcement that it has extended its bank-grade staking service to include Cardano (ADA), currently the e eighth-largest protocol by market capitalization.

Indeed, the world’s first digital asset bank revealed that ‘clients can conveniently and securely stake Cardano’ through the bank’s institutional-grade platform ‘to generate staking rewards,’ as per a press release.

Cardano joins Sygnum’s expanding portfolio of bank-grade staking protocols, which also features Ethereum 2.0 (ETH), Internet Computer Protocol (ICP), and Tezos (XTZ), so clients can stake Cardano from their existing wallets and earn staking rewards.

The staking services offered by Sygnum are completely integrated with the banking platform it utilizes. Institutional-grade security is assured by segregated wallets, secure private key management, and multi-layer security architecture.

Head of Business Units at Sygnum Bank, Thomas Eichenberger,  stated: 

Staking is the practice of actively participating in the validation of transactions on a Proof-of-Stake blockchain in return for staking rewards. 

Furthermore, Staking services are an essential component of Sygnum’s regulated offering and can be easily accessible by customers via Sygnum’s eBanking Platform.

“As institutional adoption of digital assets continues to ramp-up, demand for the ability to earn rewards alongside upside from the underlying protocols also continues to rise. 

He added: 

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.”

Cardano founder doesn’t anticipate more hard fork delays

Meanwhile, just a day before the announcement by Sygnum, Cardano founder Charles Hoskinson reassured users that the Vasil hard fork he does not anticipate further delays and that the upgrade is presently undergoing final testing.

He noted things are moving in the right direction ‘steadily and systematically.’ 

“We’re kind of in the final stages of testing in that respect. So unless anything new is discovered, I don’t anticipate that we’ll have any further delays.”

The founder of Cardano mentions that there are only a few ‘edge situations’ that need to be fixed, and the Cardano team will hopefully be ready to deliver an update with more news around the middle of August.

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Jordan Major

Jordan is an investor and market analyst. He's passionate about stocks, ETFs, blockchain, and digital assets. At Finbold.com, he delves into the technicalities to obtain future trends for new market traders and gives insights into user-friendly platforms for beginners.