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The world’s first crypto bank supports Ripples XRP

May 1, 2020

Sygnum Bank, the first crypto bank licensed by FINMA, announced on April 30 that Ripple’s XRP tokens are now available through its platform Banking services. Users can access deposit, exchange and credit services using the popular digital currency.

Based in Switzerland, The bank will now allow the third highest digital token after Bitcoin (BTC) and Ethereum (ETH)., used by customers who want to diversify their direct investments in digital tokensalong with other asset management products offered.

Sygnum customers can use deposits in traditional currencies such as the Swiss franc, the euro, the Singapore dollar and the US dollarto buy, hold and trade XRP tokens supported by the Ripple protocol.

Increased liquidity in the bank portfolio

The world’s first crypto bank supports Ripples XRPThe world’s first crypto bank supports Ripples XRP

Customers can also transfer XRP tokens to their Sygnum deposit account or increase their liquidity in traditional Fiat currencies with a Lombard loan against XRP.

Mathias Imbach, co-founder of Sygnum, praised the announcement and commented:

“We were impressed with Ripple’s outstanding performance worldwide. They now have more than 300 financial institutions in their global RippleNet payment network. XRP-based solutions developed by the company address the weaknesses of the growing $ 700 billion global remittance market. The low cost of transfers makes it an ideal tool to facilitate payments in emerging markets. “

The bank also found that the Ripple protocol enables instant cross-border transfers at a low cost., instead of the traditional way of sending money abroad.

Sygnum’s client assets are held in separate and highly secure individual portfolios. They are available with one click on every customer’s e-banking platform and are available anywhere in the world.

Bank interest in the Ripple protocol

It is not the first time that a bank has incorporated the Ripple protocol into its operations. Cointelegraph reported on April 10 that Azimo, a digital money service, has partnered with Siam Commercial Bank of Thailand to launch an instant cross-border payment service through RippleNet.

MoneyGram announced in February that it had received funds from blockchain-based payment company Ripple Labs. to further scale the use of blockchain functions in your services.

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