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Sygnum Bank Expands Staking to Cardano

Jamie Crawley - CoinDesk
2022-08-02 12:01
Digital asset bank Sygnum has expanded its staking portfolio to the Cardano blockchain's native token ADA, currently the world's eighth largest cryptocurrency by market capitalization.
  • Cardano's ADA joins Ethereum's ETH, Internet Computer's ICP and Tezos' YTZ in the firm's staking offering, which is integrated with its banking platform.
  • Like Ethereum, Cardano offers smart contract functionality with the hope of making them more accessible so any anyone can use them to create decentralized applications.
  • Staking is the process by which users of a blockchain lock up - or "stake" - their coins in order to participate in running a network. Stakers then receive rewards calculated in percentage yields. In this way, it works very much like putting fiat money into a savings account, only with generally much higher yields.
  • Sygnum is aiming to offer this within the framework of a regulated financial services firm, with institutional-grade security. In June, the bank also started offering custody and trading across a range of decentralized finance (DeFi) tokens. DeFi refers to financial activities carried out on the blockchain without third-party intervention.
  • The Singapore and Switzerland-based bank was valued at $800 million in January following a $90 million funding round.
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