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Sygnum Bank adds XRP to currency portfolio

Source: Sygnum Bank

Sygnum, the world’s first digital asset bank, has launched XRP on its platform. XRP, now available for custody, trading and credit services at Sygnum, is the third most capitalised protocol token after Bitcoin and Ethereum.

Together, these three protocol tokens represent about 80 percent of the total global market capitalisation of protocol tokens. XRP is fully integrated into Sygnum’s regulated banking platform, allowing clients to invest in the token via Sygnum’s e-banking portal or trading desk, or transfer XRP into their custodian wallet at Sygnum Bank.

The XRP Ledger was established to radically transform the process of making cross-border payments by enabling financial institutions to conduct global transfers of money in seconds, reliably, and at a lower cost. The ledger achieves this with a unique consensus mechanism that relies on a network of validators which “vote” on the validity of each transaction. No mining is required during this process; instead, a finite supply of XRP was created to be used as a bridge currency in cross-border payments.

“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 further expand and diversify their digital asset portfolios”

Simon Wälchli, Sygnum Head of Custody.

''We have been impressed by Ripple’s significant traction globally - they now have more than 300 financial institutions on their global payments network, RippleNet”...“The company’s XRP-based solutions address the pain points of the fast growing USD 700 billion global remittance market, and the low cost associated with transfers makes it ideal for facilitating payments in emerging economies''

Mathias Imbach, Sygnum Co-Founder.

Sygnum clients can use their traditional fiat currency deposits, including CHF, EUR, SGD and USD, to securely buy, hold and trade XRP and further diversify their digital asset portfolios. They can also transfer XRP into their Sygnum custody account or increase fiat liquidity with a lombard loan against XRP. The XRP is seamlessly integrated with fiat balances, Bitcoin and Ethereum, a Digital CHF token for instant settlements and a diverse range of asset tokens - all in one account. Each client’s assets are held in highly secure, individually segregated wallets to avoid counterparty risks, and are available with one click from Sygnum’s licensed e-banking platform from anywhere in the world.

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