Swiss digital asset bank Sygnum added Cardano (ADA), to its bank-grade staking service for institutional clients. Customers can now get rewards for staking ADA (the eighth-largest cryptocurrency in terms of market capital).

According to a press announcement , Cardano joined the list other cryptocurrencies that Sygnum supports on its staking offerings. These include Ethereum (ETH), Internet Computers (ICP), and Tezoss (XTZ).

Sygnum Adds Support for ADA Staking

Commenting about the development, Thomas Brunner (Sygnum’s Head for Accounts & Custody) said:

“We are pleased to integrate Cardano and further expand our institutional-grade staking offering. With Cardano staking, our clients can access a unique asset which offers staking rewards and enables them to structure their digital asset portfolios in more diversified ways.”

Staking allows you to “lock” coins in order to validate transactions on blockchains that are based on a Proof-of-Stake consensus algorithm (or many variants thereof) or other proof-of-stake algorithms. To receive percentage yields from their contributions to the network, users or “stakers”, can delegate their tokens and participate in staking pools.

Investors to Retain Control Over Staked ADA

According to the release, Sygnum customers who stake ADA funds will have complete control over their funds. They can withdraw them at any time without penalty.

“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. Frederik Gregaard (CEO of Cardano Foundation) stated that you always have control over your ADA.

Sygnum Hits $800 Million Valuation

Sygnum was launched in 2017 as the world’s first digital asset bank. The Swiss bank has been driving adoption of crypto through its offerings since then. In July 2021, the organization became the first bank to support Ethereum 2.0 staking ahead of the network’s transition to a PoS consensus algorithm.

Earlier this year, Sygnum obtained regulatory approval to operate in Singapore. According to the report, Sygnum’s Singapore division was granted a license by the Monetary Authority of Singapore to provide custodial and capital market services to investors.

In January, the bank reached an $800 million valuation after raising $90 million from Animoca Brands and other industry investors in a Series B funding round.