Cardano Staking Capability Added to Sygnum Bank
Sygnum is a digital bank based in Switzerland. Sygnum announced earlier today that they will be offering staking of Cardano (ADA) through their institutional-grade banking platform. Cardano will be the fourth cryptocurrency asset that Sygnum is making available to stake; they also offer Ethereum (ETH), Internet Computer Protocol (ICP), and Tezos (XTZ).
“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.”
“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 nor lock it. 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.”
Cardano was released in 2017 by Input Output Global (IOG) and was the first blockchain to implement evidence based peer-review processes prior to any releases. Cardano made staking available with the Shelley upgrade in 2020. Unlike many other staking protocols, the process for staking ADA does not lock up your funds. Users can freely sell or add more ADA tokens to the wallet delegated to a staking pool.
Cardano will be going through their next major update very soon. The Vasil Hard Fork has been in the final phases of testing and even delayed their intended release for the last week of July. IOG co-founder and CEO, Charles Hoskinson, announced yesterday (8/1/22) that he does not expect any further delays and explained that the latest upgrade to 1.35 was more difficult than they expected. As a result, version 1.35 was rolled back and made unavailable. Three separate bugs were found during the last testnet fork; now the mainnet upgrade is expected with version 1.35.3.
The Vasil hard fork will be the largest upgrade to Cardano as it will change the programming language (Plutus) and the consensus protocol. View the full video announcement/update by Charles Hoskinson in the video embedded below.
Some Brief Comments on Vasil https://t.co/2ukWZZJoto
— Charles Hoskinson (@IOHK_Charles) August 1, 2022
