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Sygnum Bank Expands Staking to Cardano
Cardano's ADA joins Ethereum's ETH, Internet Computer's ICP and Tezos' YTZ in the firm's staking offerings, which are integrated with its banking platform.
Updated May 11, 2023, 6:55 p.m. Published Aug 2, 2022, 12:01 p.m.
Digital asset bank Sygnum has expanded its staking portfolio to the Cardano blockchain's native token, ADA, which is the world's eighth largest cryptocurrency by market capitalization.
- Cardano's ADA joins Ethereum's ETH, Internet Computer's ICP and Tezos' YTZ in the firm's staking offerings, which are integrated with its banking platform.
- Like Ethereum, Cardano offers smart contract functionality with the hope of making the tokens more accessible so that any anyone can use them to create decentralized applications.
- Staking is the process by which users of a blockchain lock up – or "stake" – their coins in order to participate in running a network. Stakers then receive rewards calculated in percentage yields. In this way, it works very much like putting fiat money into a savings account, only with generally much higher yields.
- Sygnum is aiming to offer that within the framework of a regulated financial services firm, with institutional-grade security.
- In June, the bank started offering custody and trading across a range of decentralized finance (DeFi) tokens. DeFi refers to financial activities carried out on a blockchain without third-party intervention.
- The Singapore and Switzerland-based bank was valued at $800 million in January following a $90 million funding round.
Read more: Cardano's Vasil Upgrade Is Delayed Again for More Testing
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