Sygnum crypto bank, which is the world’s very first digital currency bank based out of Switzerland, has announced the integration of the world’s third most significant cryptocurrency, Ripple (XRP), for withdrawals, deposits, exchange and other banking services.
The world’s third most valuable cryptocurrency, after Bitcoin and Ethereum, barely managed to cause a ripple amid the COVID-19 catastrophe. Although XRP price did witness significant gains following the onset of unprecedented positive sentiment in the cryptocurrency industry, however, on Thursday, it appeared that the gains might be temporary.
However, what did work for Ripple is its vision to enable the transfer of money effortlessly across the globe, which is aligned with the Sygnum crypto bank’s goal to empower every single individual with more accessibility, freedom, and ownership.
Sygnum crypto bank and Ripple join hands
On Thursday, the Sygnum crypto bank announced that it has successfully integrated XRP into its digital banking platform, regulated by FINMA and that users will now be able to better expand their crypto investment portfolio through XRP tokens.
The bank’s users can use the deposits from fiat currencies like USD, Euro, Swiss Franc, or Singapore Dollars to purchase, store, and trade XRP cryptocurrencies. Additionally, the customers can also boost their liquidity in fiat money by moving their XRP tokens into the deposit accounts.
Ripple shows promise
Mathias Imbach, the co-founder of the world’s maiden crypto bank, lauded the partnership in the announcement by saying that Ripple has shown promising growth prospects in recent years with over 300 banking and financial institutions under their belt. The whole concept of being able to send money anywhere in the world at low costs instantly is revolutionary, he said.
So far, Ripple has addressed the pressure points of the $700 billion worth global payments market adequately, and that makes it a perfect tool to move money in developing economies, Imbach added.
Moreover, Imbach clarified that the customer’s deposits are stored and managed by highly secure and segregated individual portfolios and can be accessed from anywhere in the world with just one click on their digital banking platform.