Swiss Bank Sygnum Adds Cardano (ADA) to Bank-Grade Staking Offering

Swiss digital bank Sygnum announced today that it has now added Cardano (ADA), the eighth-largest crypto asset, to its bank-grade staking offering. The bank’s staking portfolio already includes Ethereum 2.0 (ETH), Internet Computer Protocol (ICP), and Tezos (XTZ).

Sygnum Adds ADA to Its Staking Offering

Staking is a process by which validators stake their crypto in exchange for a chance of getting to validate a new transaction on a proof-of-stake (PoS) blockchain and earn a reward.

The Swiss bank noted that customers can now access ADA alongside ETH, ICP, and XTZ staking services through Sygnum’s eBanking platform.

According to Sygnum, ADA delegates will receive rewards every epoch (five days) and will also assess or withdraw their funds at any time. In addition, ADA has no slashing penalties, hence delegators have total control over their ADA.

Commenting on the development, Thomas Eichenberger, Head of Business Units at Sygnum Bank, said:

“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. 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 also commented, saying that the “new offering allows Sygnum’s clients to participate in [the Cardano’s] ecosystem, where they enjoy a risk-free staking experience without having to transfer the asset nor lock it.”

Sygnum Offers Crypto Services

Founded in 2017 and based in Switzerland, Sygnum bank became one of the first to be granted an operational license by the Swiss financial regulator FINMA to integrate cryptocurrency into its range of services. 

In 2020, the bank announced support for Ripple’s XRP protocol token for custody, trading, and credit services on its banking platform. 

Last year, Sygnum partnered with Bordier & Cie SCmA, one of Switzerland’s oldest banks, to enable the latter’s customers to buy and sell digital assets including Bitcoin (BTC), ETH, Bitcoin Cash (BCH), and Tezos (XTZ).