On August 2, Team Sygnum announced in a press release that the digital asset bank will integrate Cardano into its “bank-grade staking offering.” Valued at over $800 million, Sygnum’s integration of Cardano (alongside similar moves made by Ledger Live) foreshadows more adoption in the future for the Crypto world’s eighth largest coin by market cap.
The bank initially only supported staking for Ethereum, Internet Computer, and Tezos. Although earning profits from staking is already possible, Sygnum allows users to earn staking profits through their “institutional-grade” banking platform (customers still have control of their ADA and can withdraw them anytime without charges or penalties). Sygnum empowers clients and large-scale investors (banks and other financial institutions) to delve into the crypto market with the “complete trust” of a regulated banking platform.
This comes as Cardano prepares to implement the VASIL Hard Fork — a change that will significantly improve the scalability and reduce transaction fees on the network.
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