- Sygnum has added Cardano staking to its bank-grade yield-generating portfolio.
- The banks’ users can now take ADA tokens on a platform with Institutional-grade security, per the announcement.
- ADA becomes the fourth crypto asset to join Sygnum’s portfolio along with Ethereum 2.0 and Tezos.
- This comes as the Cardano community buckles up for the upcoming Vasil Hard Fork, despite several delays.
- Founder Charles Hoskinson said that final testing is underway and no further delays should emerge.
Swiss-based digital bank Sygnum unveiled Cardano’s governance token ADA as the latest addition to the institutions’ staking service. Customers have the option to stake ADA through Sygnum’s bank-grade yield facility as the bank expands its cryptocurrency offerings.
ADA, the eighth-largest crypto in the world, joins Ethereum 2.0 (ETH), Internet Computer Protocol (ICP), and Tezos (XTZ) as the fourth crypto on Sygnum’s staking portfolio at press time.
The ADA staking option is integrated into the bank’s digital platform and boasts institutional-grade security. Such guarantees are supposedly possible by leveraging multi-layer security protocols, secure private key management, and a segregated wallet system.
The world’s first digital bank first launch its yield-generating decentralized finance (DeFi) investment package earlier in April 2022. Staking select crypto tokens was a component of this investment solution per reports.
Staking involves locking up your crypto tokens for a period of time in exchange for yield or passive income. Your tokens are also put to work on a Proof-of-Stake blockchain and involved in validating transactions.
Commenting on the news, Head of Business Units at the Swiss bank, Thomas Eichenberger noted that the latest addition improves the bank-grade staking services available to clients. Eichenberger added that the bank sees a rise in the yield demand as crypto protocols grow.
Cardano’s Vasil Hard Fork Almost Here As Sygnum Onboards ADA
The latest staking development comes at a time when the ADA community has much anticipation for the Vasil Hard Fork. As previously reported, the mainnet launch of the update was delayed due to bugs and other factors.
However, founder Charles Hoskinson assured the community that testing is now in the final stages and further delays are not expected. Hoskinson also opined that more news should surface later in August 2022.