On April 30 Sygnum Bank, the first FINMA approved crypto-bank, revealed that the XRP tokens for Ripple now live on its financial service portal. Users may use the common virtual currency to use deposits, exchanges and credit services.
Quartered in Switzerland, the bank will now allow customers who aim to expand their direct holdings in digital assets in accordance to offerings from other asset management products to use the third largest digital token behind Bitcoin (BTC) and Ethereum (ETH).
Sygnum clients can buy, keep and trade XRP tokens supported by Ripple Protocol using deposits in fiat money such as the Swiss Franc, Euro, Singapore Dollar and US Dollar.
Customers may also switch to their Sygnum bank account XRP tokens or raise their liquidity by utilizing Lombard loan from XRP in conventional fiat currency.
The announcements were commended and commented on by Mathias Imbach, co-founders of Sygnum: “We are delighted with the outstanding regional success of Ripple – they have in their regional payments network, RippleNet, more than 300 financial institutes. The company's XRP-based technologies address blind spots of $700 billion in the growing worldwide revenue market. Bitcoin is suitable for quick payment in developing markets owing to the low cost of payments”.
The bank has also emphasized that, rather than the conventional method of moving money overseas, the Ripple Protocol allows instantaneous cross-border transactions at a low rate.
Customer funds of Sygnum are stored in customer accounts, which are extremely protected. These are available in one button and usable globally from any customer's e-banking site.
Source: Cointelegraph
