World’s First Crypto Bank Sygnum Adds Support For Ripple (XRP)

Sygnum Bank, the world’s first digital asset bank based in Switzerland, announced today that it has added support for Ripple (XRP) tokens on its banking platform. Hence, making it available for custody, trading and credit services on its platform.

XRP is ranked third after Bitcoin (BTC) and Ether (ETH) in terms of market capitalization according to CoinMarketCap ranking. The top three cryptocurrencies represent almost 80% of the total market cap of the cryptocurrency markets. 

Milestone for XRP

With XRP listed on Sygnum’s regulated banking platform, customers can now diversify their digital assets portfolio with the bank alongside Sygnum’s asset management products. According to the bank,  clients can invest in the newly added token via Sygnum’s e-banking portal and trading desk, or by transferring XRP into their custodian wallet at Sygnum Bank.

Sygnum’s Head of Custody, Simon Waelchli explained how the latest achievement would allow their customers would benefit from the addition. 

“Clients can now hold their XRP in our regulated custody solution, which is co-developed with Swisscom and architected to provide institutional-grade security. The addition of XRP allows clients to expand further and diversify their digital asset portfolios,” he said in a press release shared with Coinfomania. 

Sygnum’s customers can securely buy, hold and trade XRP  using traditional fiat currency deposits including CHF, EUR, SGD and USD. They can also increase fiat liquidity with a Lombard loan against XRP.

First Crypto Bank

Sygnum bank is the world’s first FINMA-licensed digital asset bank and a fully digital bank. Sygnum says it is fully operational and open for business in “decentralized mode,” allowing qualified and institutional clients to invests and make transactions from the comfort and safety of their homes, anywhere in the world. 

In August 2019, Sygnum announced plans to expand into crypto banking services to the Asian market, starting with Singapore. 

The bank said they are impressed by Ripple’s technology and the traction it is gaining globally. More than 300 banks and financial institutions around have joined RippleNet to utilize the technology for global payments and remittance. 

A recent report published by Coinfomania revealed that 38% of the world’s top 100 banks are already linked to the Ripple ledger.

“The company’s XRP-based solutions address the pain points of the fast-growing USD 700 billion global remittance market (2), and the low cost associated with transfers makes it ideal for facilitating payments in emerging economies,” Mathias Imbach, Sygnum Co-Founder, said in the release. 

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