Crypto-bank Sygnum allows its clients to invest in XRP
Sygnum, one of the largest crypto-banks in the world, has just integrated Ripple's XRP support into its services.
Diversify Client Portfolios
Based in Switzerland, the crypto-bank will now allow the 3rd most capitalized cryptocurrency behind Bitcoin (BTC) and Ether (ETH) to be used by clients seeking to diversify their investments
Sygnum clients can now use their funds in fiat currencies, such as the US dollar, euro, Swiss franc or Singapore dollar to buy, store and trade XRP.
They can also transfer XRP tokens to their Sygnum deposit account or increase their liquidity in fiat currencies with a Lombard loan granted against XRP.
Notably, Sygnum holds both a Swiss banking license and a Singapore asset management license. As the bank is regulated by the Federal Financial Market Supervisory Authority, the security of crypto-assets held by customers is ensured.
The Best Choice?
In its official statement, Sygnum justifies its choice of XRP by the fact that it was created to radically transform the process of executing cross-border payments.
According to the bank, its main interest is that it allows financial institutions to make global money transfers in seconds, reliably and at low cost.
Thus, Sygnum asserts that this is in accordance with its objectives of giving each individual more accessibility, freedom and ownership over their assets.
Although at first glance this seems particularly interesting for the use of XRP, in fact, a large part of the banks partners with Ripple use the RippleNet payment network without having resorted to XRP. This is notably what the Brazilian banks Santander Brazil, Bradesco and Banco Rendimento claim.
However, Ripple along with XRP continues to find partner banks around the world at a breakneck pace. Recently, Ripple partnered with Siam Commercial Bank in Thailand to launch an instant cross-border payment service through RippleNet.
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