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Sygnum Bank expands crypto staking with Cardano

Sygnum Bank continues expanding its crypto services by launching support for Cardano ADA staking.

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Sygnum Bank continues expanding its crypto services by launching support for Cardano ADA staking.

Sygnum announced  that the firm has expanded its bank-grade staking offering with Cardano, allowing clients to generate rewards by staking ADA via the bank’s institutional-grade platform. ADA joins Sygnum’s growing crypto-staking portfolio, which features three proof-of-stake protocols; Internet Computer, Tezos and soon, Ethereum 2.0.

Staking services make up an integral part of Sygnum’s platform and are available to clients through the bank’s eBanking platform. The services are fully integrated with Sygnum’s banking platform, which is designed to provide institutional grade security by applying segregated wallets, secure private key management and other tools.

A major regulated bank in Switzerland, Sygnum debuted cryptocurrency staking about two years ago, launching Tezos staking in November 2020. Sygnum also announced in July 2021 that it would offer Ethereum 2.0 staking on its platform.

The addition of Cardano staking on Sygnum will increase exposure to the digital asset to many institutional investors. Following a tenfold increase in gross revenues in 2021, Sygnum’s institutional client base was nearing 1,000 by early 2022, the firm announced in January.

Amid the upcoming Cardano Vasil hard fork, many crypto companies have been working on Cardano-focused services. In late July, major hardware wallet firm Ledger announced the integration of 100 Cardano tokens on its wallet software Ledger Live. The Cardano Vasil hard fork is expected to significantly improve the Cardano network in terms of speed and scalability, making it more suitable for smart contracts and decentralized applications.

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7-Eleven South Korea to accept CBDC payments in national pilot program

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7-Eleven is set to participate in the testing phase of a central bank digital currency (CBDC) initiative, running from April to June. The retail giant’s involvement highlights the growing push for digital currency integration in everyday transactions.

The pilot program will assess the feasibility of CBDC payments at 7-Eleven stores, allowing customers to make purchases using the digital currency. The initiative is part of a broader effort to explore the real-world application of CBDCs in retail environments, potentially shaping future payment systems.

As central banks worldwide accelerate their digital currency research, private sector collaboration is seen as crucial for widespread adoption. If successful, 7-Eleven’s participation could pave the way for broader CBDC usage across retail and commercial sectors.

The outcome of the testing phase will provide valuable insights into consumer adoption, transaction efficiency, and potential regulatory considerations, influencing how CBDCs are integrated into mainstream financial systems.

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SEC and Gemini ask to pause lawsuit to explore ‘potential resolution’

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The U.S. Securities and Exchange Commission (SEC) and crypto exchange Gemini have agreed to pause legal proceedings as both sides explore a potential resolution to their ongoing lawsuit. The move signals a possible settlement in the high-profile case, which centers around Gemini’s now-defunct Earn program.

The SEC initially sued Gemini, alleging that the Earn program—designed to offer users yield on crypto deposits—operated as an unregistered securities offering. Gemini has pushed back against the claims, arguing that its operations complied with regulatory standards.

By pausing litigation, both parties may be looking for a compromise that could set a precedent for crypto lending products in the U.S. A settlement could also provide regulatory clarity for similar platforms navigating SEC scrutiny.

While the outcome remains uncertain, the crypto industry is closely watching the case, as its resolution could impact future enforcement actions and the broader regulatory approach toward digital asset lending services.

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GameStop finishes $1.5B raise to add Bitcoin to its balance sheet

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GameStop has successfully completed a debt offering, raising capital that may be used to acquire Bitcoin, signaling the company’s deeper foray into digital assets. The move aligns with its broader strategy to diversify beyond traditional retail operations and into emerging financial technologies.

While GameStop has not confirmed the exact allocation of the funds, market speculation suggests that a portion could be used to buy Bitcoin, following in the footsteps of companies like MicroStrategy. The potential investment would reinforce GameStop’s ongoing pivot toward blockchain and digital assets, an effort that began with its NFT marketplace and crypto-related initiatives.

Analysts see this development as part of a growing trend of corporations exploring Bitcoin as a reserve asset amid concerns over inflation and monetary policy. If GameStop proceeds with the acquisition, it could further validate Bitcoin’s role as a strategic investment for publicly traded companies.

The company’s board will ultimately decide how the newly raised capital is deployed. Investors and the broader crypto market are watching closely for any official announcements regarding GameStop’s Bitcoin strategy.

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