The world’s first cryptobank adds support to Ripple’s XRP

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Sygnum Bank, the first cryptobank 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 allow now that the third most capitalized digital token, behind Bitcoin (BTC) and Ethereum (ETH), be used by clients seeking to diversify their direct investments in digital tokens, along 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 United States dollar, to buy, hold and trade XRP tokens backed by the Ripple protocol.

Increased liquidity in the bank portfolio

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

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

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

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

Sygnum’s customer assets are held in separate and highly secure individual portfolios. They are available in one click from each customer’s electronic banking platform, and are accessible anywhere in the world.

Banks’ interest in the Ripple protocol

It is not the first time that a bank incorporates the Ripple protocol into its operations. Cointelegraph reported On April 10, Azimo, a digital money service, partnered with Thailand’s Siam Commercial Bank to launch an instant cross-border payment service via RippleNet.

MoneyGram said in February he received funds from blockchain-based payments company Ripple Labs, to continue scaling the use of blockchain capabilities in your services.

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