Sygnum bank, a crypto-friendly financial institution based in Switzerland and Singapore has added the Cardano native token, ADA, to its bank-grade staking portfolio. Other proof-of-stake (PoS) tokens that can be staked on Sygnum’s eBanking platform include Ethereum (ETH), Internet Computer Protocol (ICP), and Tezos (XTZ).
The Swiss regulated bank is among the few banks to embrace crypto and blockchain technology. Sygnum bank aims to shape financial services by empowering its clients to seamlessly invest in the digital assets economy.
Tagging itself as the world’s first digital assets bank, Sygnum offers several crypto-related solutions and services to clients.
While crypto staking is an integral part of Sygnum’s regulated services, the bank has also enabled the use of fiat currencies like EUR, USD, and SGD to trade a range of virtual currencies for its growing customers.
The supported tradable assets on the Sygnum bank platform include Bitcoin (BTC), Ethereum (ETH), Ripple’s XRP protocol tokens, and a digital CHF token for instant settlements.
The bank plans to support more coins and/or tokens in the near future. It has also incorporated an all-in-one offering for stablecoin custody.
Related: Qatar’s Largest Bank, QNB Now Offers Direct Remittance Service to the Philippines Using RippleNet
Meanwhile, crypto staking services can only be accessed by customers through Sygnum’s eBanking platform. Digital assets staking landed at Sygnum bank in November 2020 when it launched staking for the Tezos blockchain’s native token, XTZ, with staking rewards up to 5% annually.
In July 2021, the bank added Ethereum (ETH) to the list of tokens that can be staked on its institutional-grade banking platform with a yield rate of 7% per annum. Accordingly, Sygnum became the first known bank to offer Ethereum 2.0 staking.
To further spread its tentacles and also give customers more investment options, the crypto-friendly Zurich-headquartered bank has added the native token of the Cardano blockchain, ADA to its staking offerings.
This support for ADA by the top financial institution comes despite the further delay of the blockchain’s scheduled Vasil upgrade.
Read More: Here’s why Cardano Vasil Hard Fork Will Be Delayed for More Weeks
Clients can now stake their Cardano tokens (ADA) on Signum bank’s eBanking platform to reap rewards. As revealed in the announcement, “delegators get rewards every epoch (five days) and can also access or withdraw their ADA at any time. Additionally, Cardano has no slashing penalties, which means delegators have complete control over their ADA.”
In response to this development, Thomas Brunner, the Head of Accounts & Custody at Sygnum Bank said; “We are pleased to integrate Cardano and further expand our institutional-grade staking offering. With Cardano staking, our clients can access a unique asset which offers staking rewards and enables them to structure their digital asset portfolios in more diversified ways.”
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