On 2nd August, Sygnum announced in a press release their expansion of bank-grade staking offering while adding Cardano (ADA) in their portfolio. Swiss digital assets bank – Sygnum – consisted of Ethereum (ETH), Internet Computer Protocol (ICP) and Tezos (XTZ) like cryptocurrencies on its platform. Now with the addition of ADA, clients of the world’s first crypto bank would be able to stake Cardano (ADA).
Staking services of Sygnum are completely integrated with their banking platform. Further the platform also provides world-class security given their segregate wallets regime, reliable private key management and sophisticated security infrastructure.
Sygnum Bank Business Unit Head – Thomas Eichenberger – outlined regarding the instance of Cardano (ADA) adding to Sygnum’s staking offering. He said that following the increased and continued adoption of cryptocurrencies, demands from users for rewards earning abilities also shoot up. Bank-grade staking offering of Sygnum that now offers Cardano (ADA) enables clients to choose from a wide variety of investment opportunities. Those opportunities that were supported by a regulated bank’s guarantee and security, he added.
Third-generation blockchain network – Cardano – is famous across the crypto space for its unique features. Blockchain launched in 2017 known as the first platform that went on to deploy scientific processes of peer review based on evidence. It uses the similar process every time before releasing any product, service or update. Cardano is looked as a pioneer in the industry because of bringing innovative technologies along with their mission of offering security and sustainability to various decentralized applications and systems.
In the process of staking, users actively participate in the process of validating transactions of any given proof-of-stake blockchain network. In return, these users receive staking rewards. Consensus mechanism of proof-of-stakes is considered as a relatively lower energy consuming system than proof-of-work.
Cardano blockchain also uses a low energy consuming PoS mechanism. In this system, the delegators on the network receive rewards after every five days. Additionally, they can access or even withdraw their respective ADA tokens anytime they want. Apart from this, Cardano consists of no penalties that allows delegates on the network to have liberty and authority over their own assets.
Source: https://www.thecoinrepublic.com/2022/08/04/crypto-bank-sygnum-started-offering-cardano-ada-staking/