Swiss-based Sygnum Bank just announced that it will be including the Cardano blockchain and its ADA cryptocurrency for its bank grade staking services. This now allows clients to stake ADA and generate rewards within its well-integrated, institutional-grade banking platform.

Staking is basically the process of offering part of your assets to validate transactions within a proof-of-stake (PoS) blockchain in exchange for rewards. This is unlike other proof-of-work (PoW) cryptocurrencies like Bitcoin and Ethereum 1.0, which mainly rely on physical hardware like ASIC machines or consumer graphics cards in order to solve mathematical equations for the validation process.

The addition of Cardano staking on Sygnum’s platform will undoubtedly boost its exponential growth even further simply by sheer exposure alone. Just this year, the platform had just successfully completed its Series B funding round, raising $90 million in total, clearly showcasing the ever-increasing confidence that digital asset investors have for it in the next few years.

Sygnum Bank became eventually well-known today for its specialization in staking services. It was founded in 2017, and it became the world’s very first digital asset bank when it received its official banking and securities dealer license in 2019. Today, it has an ever-expanding portfolio of PoS bank-grade staking protocols, which now include Internet Computer Protocol (ICP), Tezos (XTZ), and eventually Ethereum 2.0 (should its move to PoS become finalized in some yet-again unspecified future).

Sygnum Bank Bank Grade Staking Services

The so-called “official crypto bank” is renowned for its complete integration of cryptocurrency staking with its banking platform. This is then supported by the bank’s institutional-grade security, backed up by equally secure private key management, multi-layer (security) architecture, segregated wallets, and other features. 

Cardano, on the other hand, was a third-generation blockchain platform launched in 2017, with a very particular focus on implementing “evidence-based scientific peer-reviewed processes” for any move taken on the platform. This helped promote its ADA cryptocurrency as a secure and sustainable coin, which it is still known as such to this day.

The Vasil hard fork, which should be designed to greatly improve the Cardano blockchain’s scaling capabilities, is currently still suffering delays after failing to achieve its initialization target last June. Input Output, the development lab for the Cardano blockchain, estimates that it would still take a few weeks of testing to ensure that that system upgrade is smooth and without issue.

At the very least, even under current pressure, confidence in Cardano remains strong. Because aside from Sygnum’s staking-services inclusion, major hardware wallet firm Ledger had just integrated 100 more ADA coins on Ledger Live last week.