Sygnum Bank, a cryptocurrency-friendly bank and one of the world’s first digital asset banks, has added the Cardano ADA native blockchain coin to its betting portfolio.
In a separate announcement on Tuesday, the company said customers can now stake Cardano from their current wallets and receive share rewards. Sygnum now allows staking Ethereum, Internet Computers and Tezos.
Institutional-grade security is provided for the Sygnum betting service with separate wallets, secure private key management and a layered security architecture that is fully integrated into the banking platform.
Staking is the process of participating in the validation of PoS blockchain transactions in exchange for staking rewards. The PoS blockchain, unlike proof-of-work networks like Bitcoin (BTC), relies on users locking up their funds, not mining activity, to maintain the network.
Sygnum, a large Swiss regulated bank, introduced cryptocurrency staking about two years ago and launched Tezos staking in November 2020. In July 2021, Sygnum also announced that it would make Ethereum 2.0 staking available on its network.
Commenting on the news, Thomas Eichenberger, Head of Business Unit at Sygnum Bank, said:
“Demand for the benefits of the underlying rewarding protocol also continues to grow as institutional adoption of digital assets increases. Our clients can choose from a wide range of investment options with Sygnum’s bank-grade betting solution, which now includes Cardano and is backed by licensed bank security.”
The value of the Sygnum betting service for Cardano users
It should be noted that Sygnum offers one of the best cryptocurrency betting services. The Sygnum banking infrastructure is fully connected to the betting service. Additionally, user security is ensured through separate wallets, robust private key management, and a layered security infrastructure.
Cardano Foundation CEO Frederik Gregaard expressed his enthusiasm about the development and welcomed Sygnum users to the Cardano ecosystem.
According to Gregaard, this new option allows Sygnum customers to participate in the company’s ecosystem and enjoy risk-free betting without having to transfer or freeze their assets. In addition, Cardano’s cutting-edge architecture offers ADA holders a customized experience for retail and institutional clients. He also noted that ADA users are always under their control.
Sygnum is now the first regulated bank to offer Ethereum betting to its customers. This move shows that Sygnum aims to offer its users full exposure to the emerging asset class and recognize the potential of cryptocurrencies.