Sygnum Bank announces Cardano staking for ADA token rewards
For those who thought that the crypto-verse was limited to trading, there’s much more to it. Crypto staking has been garnering immense popularity. Earning crypto by holding the designated crypto could allow users to bag rewards. Several platforms have been offering the staking program to lure investors into the market. Sygnum Bank, a prominent digital bank welcomed, decided to expand its program by including Cardano [ADA].
Speaking about its latest inclusion, Thomas Eichenberger, Head of Business Units at Sygnum Bank, said,
“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.”
It should be noted that Sygnum Bank offers staking for proof-of-stake [PoS] currencies like Internet Computer [ICP] as well as Tezos [XTZ]. In addition, it became the first platform to offer Ethereum 2.0 staking.
Furthermore, delegators will receive incentives on the Cardano blockchain every epoch, that is, every five days. They would reportedly entail access or withdraw their ADA at any time. Furthermore, there are no slashing penalties in Cardano, so delegators have total control over their ADA.
Is Cardano trying to ramp up staking as Ethereum inches closer to PoS transition?
The highly anticipated shift of Ethereum from proof-of-work [PoW] to PoS is expected to occur in September. With this, Ethereum will become increasingly eco-friendly, and this could put Cardano’s hold over the staking arena at risk. According to CoinMarketCap, Cardano is one of the most valuable staking cryptocurrencies.
The popularity of Ethereum is speculated to put Cardano on the sidelines post ‘The Merge.‘ However, several believe there will be another delay in the upcoming transition, which could aid Cardano in taking over the staking arena.
Speaking about Cardano’s latest move, Frederik Gregaard, CEO of the Cardano Foundation, further said,
“I’m delighted to welcome Sygnum Bank and its clients to our thriving ecosystem. Additionally, Cardano’s state-of-the-art architecture provides both retail and institutional clients a unique experience for ADA-holders. You always have the power over your ADA.”.
Additionally, ADA was trading for $0.4922 with a 5.10 percent daily drop at press time.
