Swiss Crypto Bank Sygnum Adds Support for Ripple’s XRP

Swiss Crypto Bank Sygnum Adds Support for Ripple's XRP

Sygnum Bank, the first FINMA licensed crypto bank, announced that the XRP tokens for Ripple are now available via its banking services platform. Users can use the popular digital currency to access deposit, exchange, and credit services

Based in Switzerland, the bank will now allow customers seeking to diversify their direct investments in digital tokens to use the third most capitalized digital token behind Bitcoin (BTC) and Ethereum (ETH), in conjunction with other asset management products offered.

Sygnum customers may use deposits in traditional currencies such as the Swiss franc, the euro, the Singapore dollar and the US dollar to purchase, hold and trade XRP tokens backed by the Ripple protocol.

Increasing Liquidity in Banking Portfolio

Additionally, with a Lombard loan granted against XRP, customers can transfer XRP tokens to their Sygnum deposit account or increase their liquidity in traditional fiat currencies.

Sygnum co-founder Mathias Imbach commended the announcement and commented as follows:

“We were impressed with Ripple’s excellent performance globally – they now have more than 300 financial institutions in their global payments network, RippleNet. The XRP-based solutions developed by the company resolve weak spots in the growing global remittance market of $ 700 billion. The low cost of transfers makes it an ideal tool to facilitate payments in emerging economies.”

The bank also stressed that the Ripple protocol provides instant, low-cost, cross-border transfers, rather than the traditional way of sending money abroad.

Customer assets of Sygnum are held in individual portfolios in separate, highly secure form. They are available from the e-banking platform of every customer in one click, and are accessible anywhere in the world.

It is not the first time a bank has incorporated the protocol from Ripple into its operations. Azimo, a digital money service, partnered with Thailand’s Siam Commercial Bank to launch an instant, cross-border payment service via RippleNet.

In February, MoneyGram said it received funds from Ripple Labs, a blockchain-based payment firm, to continue to scaling up the use of blockchain capabilities in its services.

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Abdulhay Mahmoud 414 Articles
Abdulhay Mahmoud is a creative writer with over 15 years of experience in journalism, translation, and investor relations. He has B.A in English and Literature from a reputable University. He recently became a contributor at Cryptolydian.com to fulfill his thirst in reporting digital coins and blockchain-related news, an interest was built over the years.