One of the Singapore/Switzerland-based crypto-friendly financial institutions, Sygnum bank has included the Cardano token, ADA, in its bank-grade staking portfolio asides from some other cryptos like Ethereum (ETH), Internet Computer Protocol (ICP), and Tezos (XTZ).
Sygnum bank is among the few banks that aim to shape nth financial services by enlightening the clients for them to invest in the digital assets economy.
It is good to know that sygnum bank is among the few banks that support crypto and blockchain technology. The has earned the self-titled “First digital bank” due to the several crypto-solutions and services it offers to its clients.
Although the basic part of Sygnum’s regulated services is crypto staking also it has allowed the use of fiat currencies like EUR, USD, and SGD to trade a range of virtual currencies for its growing customers.
Although, the bank has it in its plan to support more coins and/or tokens in the future alongside the supported tradable assets. At the moment, it has created a link with an all-in-one offering for stablecoin custody.
The supported tradable assets on the Sygnum bank include Bitcoin, Ethereum, Ripple’s XRP protocol tokens, and a digital CHF token for immediate settlements.
The crypto staking services can only be accessed by customers via Sygnum’s e-banking platform.
Tezos blockchain’s native token, XTZ was the first to be launched on the staking in November 2020 with a reward of about 5% and after is ETH in July 2021 with a reward of 7% and this make the bank to be the first to offer ETH 2.0 staking and in the quest to expand, the bank has added ADA ahead of the upgrade.
Staking Cardano on this platform, delegators get a reward every five days, and epoch and can also access or withdraw their ADA at any time. Fortunately, delegators have control over their ADA as the Cardano has no penalties.
“As institutional adoption of digital assets continues to ramp up, demand for the ability to earn rewards alongside upside from the underlying protocols also continues to rise. Sygnum’s bank-grade staking offering, now including Cardano, offers our clients a broad selection of investment opportunities backed by the security and peace of mind of a regulated bank.” Says the Business unit’s Head at Sygnum Bank on their official website.
The Cardano Foundation Chief Executive Officer, Ferderik Gregaard, said as signs of acceptance:
“I’m delighted to welcome Sygnum Bank and its clients to our thriving ecosystem. This new offering allows Sygnum’s clients to participate in our ecosystem, where they enjoy a risk-free staking experience without having to transfer the asset or lock it. Additionally, Cardano’s state-of-the-art architecture provides both retail and institutional clients with a unique experience for ADA holders. You always have the power over your ADA.”
IOG Highlighted Three Steps To Staking ADA
The three simple steps to staking ADA have been highlighted by the IOG in anticipation of the rally about to happen. The first step in staking ADA;
- Delegating ADA to a stake Pool
The interested investors are expected to hold their ADA in Cardano-compatible wallets which include the Yoroi, Flint, Adalite, Eternl. The investors can now find a dedicated pool to stake their assets to from the wallet’s platform using the staking tab
- Stake Confirmation and Activation
After selecting the pool, you will need to delegate your ADA to be registered for staking for an epoch (five days) before the initiation of a block-producing epoch to earn rewards. The staking reward is distributed within the 20-25 days of staking if the pool you picked produces blocks.
- Earning Rewards for Contributing to the Cardano Network
Your contributions will be calculated by the Ouroboros, the Cardano’s proof-of-staking pool at every epoch (five days). The calculation will be aimed at the number of stADA and the pool’s return on stake.
Note: on the ADA delegating to a pool, ADA investors can also check various community websites, including cardanoscan.io, adatools.io, pooltool.io, and pool. pm.