The world’s first crypto bank adds XRP to supported currencies

Sygnum Bank, the first crypto bank licensed by FINMA, announced on April 30th that Ripple’s XRP coins are now available through the banking platform.

onsumers have access to deposit, exchange and credit services using the popular digital currency.

A Swiss-based bank will allow the third most-capitalized digital token after Bitcoin (BTC) and Ethereum (ETH) to be used by customers who want to diversify their direct investments in digital coins, along with other product management products offered. assets.

Sygnum customers can use deposits in traditional currencies, such as Swiss Franc, Euro, Singapore and US Dollars, to buy, hold and trade XRP coins.

Raising liquidity in the banking book

Customers can also transfer XRP coins into their Sygnum deposit account or increase their liquidity in traditional fiat currencies with a Lombard loan extended against XRP.

Matthias Imbach, co-founder of Sygnum, commented;

“We were impressed by Ripple’s excellent worldwide performance – they already have over 300 financial institutions on their global payment network, RippleNet. The company’s XRP-based solutions are addressing the weaknesses of the growing global $ 700 billion money transfer market. The low cost of transfers makes it an ideal tool for facilitating payments in emerging economies. “

The bank also stressed that the Ripple protocol provides instant, low-cost cross-border transfers, not the traditional way of sending money abroad.

Sygnum’s client assets are held in separate, highly secure individual portfolios. They are accessible with one click from the e-banking platform to every customer anywhere in the world.

Banks’ interest in the Ripple protocol

It is not the first time a bank has included the Ripple protocol in its operations. On April 10, it was announced that Azimo, a digital money service, has partnered with Siamese Commercial Bank in Thailand to launch an immediate cross-border payment service through RippleNet.

MoneyGram said in February that it had received funding from blockchain-based payment company, Ripple Labs, to continue scaling blockchain capabilities into its services.