Swiss Sygnum Bank expands crypto staking with Cardano

Sygnum launched cryptocurrency staking about two years ago with Tezos staking, eventually expanding the service to ICP and Et2 .

Crypto-friendly bank Sygnum Bank continues to expand its crypto services by launching support for Cardano (ADA) staking.

Sygnum announced on Tuesday that the company has expanded its bank-grade staking offering with Cardano, allowing clients to generate rewards by staking ADA through the bank's institutional-grade platform.

ADA joins Sygnum's growing crypto-staking portfolio, which includes three proof-of-stake (PoS) protocols; Internet Computer, Tezos and soon, Ethereum 2.0.

According to the announcement, staking services are an integral part of Sygnum's platform and are available to customers through the bank's eBanking platform. The services are fully integrated with Sygnum's banking platform, which is designed to provide institutional-grade security by enforcing segregated wallets, secure private key management, and other tools.

Staking is the process of participating in validating transactions on a PoS blockchain in exchange for staking rewards. Unlike proof-of-work (PoW) networks like Bitcoin, PoS blockchains do not require mining activity and instead rely on users locking their coins to maintain a network.

A major regulated bank in Switzerland, Sygnum launched cryptocurrency staking about two years ago, launching Tezos staking in November 2020. Sygnum also announced in July 2021 that it