cryptoknowmics.com
Cryptocurrency-friendly bank Sygnum adds the support for Cardano (ADA) staking as part of the ongoing expansion of its cryptocurrency offerings. Sygnum reveals that it had integrated Cardano into its bank-grade staking solution, enabling customers to earn incentives by staking ADA through the bank's institutional-grade platform. ADA now joins Sygnum's expanding portfolio of crypto-staking assets, which already includes the three Proof-of-Stake (PoS) protocols Ethereum 2.0, Tezos, and Internet Computer.
Staking Services: Important Part of Sygnum
According to the statement, staking services are a crucial component of Sygnum's platform and are accessible to customers via the bank's eBanking platform. The services integrate with Sygnum's banking platform, which uses capabilities like segregated wallets, secure private key management, and others to deliver institutional-grade security. Proof-of-Stake (PoS) blockchains do not require mining activities and instead rely on users locking up their currencies to maintain a network, in contrast to Proof-of-Work (PoW) networks like Bitcoin. Sygnum, a Swiss central bank under regulation, introduced cryptocurrency around two years ago. Tezos staking will begin in November 2020. In July 2021, Sygnum also declared that it would make Ethereum 2.0 staking available on its platform.
Cardano Staking Added to Sygnum
Many institutional investors' exposure to the digital asset will rise due to Cardano staking added to Sygnum. The company reported in January that Sygnum's institutional client base would be close to 1,000 by early 2022, following a tenfold growth in gross revenues in 2021. Many cryptocurrency businesses have been developing Cardano-focused services in the wake of the impending Cardano Vasil hard fork. Ledger, a leading manufacturer of hardware wallets, revealed the integration of 100 Cardano tokens on its Ledger Live wallet software at the end of July. Cardano's network should become substantially faster and more scalable due to the Cardano Vasil hard fork, making it more suited for smart contracts and decentralized applications.