Cardano Adoption: Sygnum Bank Expanded Staking to ADA

The adoption of Cardano’s ADA has been going great and things continue to shine for the project. Check out the latest reports that show this great move forward for ADA and Cardano.

CoinDesk online publication just noted the fact that the digital asset bank Sygnum has expanded its staking portfolio to the Cardano blockchain’s native token, ADA.

ADA joins others in staking offerings

Cardano’s ADA joins Ethereum’s ETH, Internet Computer’s ICP, and Tezos’ YTZ in the firm’s staking offerings, which are integrated with its banking platform.

Just like Ethereum, Cardano offers smart contract functionality with the hope of making the tokens more accessible. This way, anyone can use them to create decentralized applications.

Just to refresh your memory, staking is the process by which users of a blockchain lock up – or “stake” – their coins in order to participate in running a network.

It’s also been revealed that stakers then receive rewards calculated in percentage yields.

“In this way, it works very much like putting fiat money into a savings account, only with generally much higher yields,” according to the notes.

Sygnum’s main target is to offer that within the framework of a regulated financial services firm, with institutional-grade security.

A follower commented: “Institutional market adoption requires institutional grade infrastructure. A very positive step forward for inclusion into the Cardano ecosystem!”

Someone else commented: “This is great news! #Cardano is the 3rd largest community in crypto and growing.”

ADA accumulation time

It’s been just revealed that there is new data from a prominent crypto analytics firm that reveals the extent to which Cardano whales and sharks have been feasting on ADA over an eight-day period.

According to Santiment, supersized Cardano holders have been accumulating up hundreds of millions of dollars worth of the smart contract platform’s native asset in a little over a week.