World's First Digital Asset Bank Sygnum Adds Ripple's XRP Tokens On Its Banking Platform
World’s First Digital Asset Bank Sygnum Adds Ripple’s XRP Tokens On Its Banking Platform
May 1, 2020
World's First Digital Asset Bank Sygnum Adds Ripple's XRP Tokens On Its Banking Platform
World’s First Digital Asset Bank Sygnum Adds Ripple’s XRP Tokens On Its Banking Platform
May 1, 2020

Sygnum Bank, the world’s first digital asset bank announced that Ripple’s XRP tokens are now available through its banking services platform. On April 30 Sygnum Bank announced that users can access deposit, exchange, and credit services using the popular digital currency.

The bank will now allow the third most capitalized digital token behind Bitcoin (BTC) and Ethereum (ETH) to be used by clients seeking to diversify their direct investments in digital tokens, in conjunction with other asset management products offered.

Sygnum customers can use deposits in traditional currencies, to buy, hold and trade XRP tokens backed by the Ripple protocol, such as:

  • The Swiss franc
  • The Euro
  • The Singapore dollar
  • The US Dollar
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Customers can also 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:

“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 says Ripple protocol provides instant cross-border transfers at a low cost, rather than the traditional way of sending money abroad.

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


Source: Cointelegraph | Image: Pexels

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