Sygnum Bank is the first crypto bank licensed by the Swiss Financial Market Supervisory Authority (FINMA). Recently, the worlds’ first crypto bank made an important announcement.
According to this announcement, from now on Ripple’s XRP tokens are available through its banking services platform. As a result, customers can access deposit as well as exchange, and credit services using this major cryptocurrency.
It is worth mentioning that, XRP is the third most capitalized digital token after Bitcoin and Ethereum. This cryptocurrency is ideal for clients who would like to diversify their direct investments in digital tokens. Thanks to the bank, based in Switzerland customers will be able to accomplish this goal.
Moreover, clients of this bank can use deposits in traditional currencies such as the Swiss Franc, the Euro, Singapore Dollar as well as the U.S. Dollar. It means that customers will be able to use fiat currencies to buy, hold, and trade XRP tokens backed by the Ripple’s protocol.
Sygnum bank and crypto industry
Moreover, clients can transfer XRP tokens to their Sygnum deposit account. Also, it is possible to increase their liquidity in fiat currencies with a Lombard loan granted by the XRP.
Sygnum Bank’s co-founder Mathias Imbach commented on this topic. Mathis Imbach, talked about the Ripple’s performance around the globe. For example, they have more than 300 financial institutions in their global payments system RippleNet.
Ripple offers other advantages as well. The bank underlined the importance of Ripple’s protocol. This protocol provides instant cross-border transfers at a low cost, instead of the traditional method of sending money abroad.
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However, this is not the first case when a bank made the decision to incorporate Ripple’s protocol in its operations. For example, a digital money service, in cooperation with the bank from Thailand called Siam Commercial Bank launched an instant cross-border payment service through RippleNet.