Sygnum Bank, the first crypto bank licensed by FINMA, announced on April xxx that Ripple's XRP tokens are now bachelor through its banking services platform. Users can access eolith, exchange, and credit services using the popular digital currency.

Based in Switzerland, the depository financial institution will now allow the tertiary most capitalized digital token behind Bitcoin (BTC) and Ethereum (ETH) to be used past clients seeking to diversify their straight investments in digital tokens, in conjunction with other asset management products offered.

Sygnum customers can use deposits in traditional currencies, such every bit the Swiss franc, the Euro, the Singapore dollar, and the US Dollar, to buy, hold and trade XRP tokens backed by the Ripple protocol.

Increasing liquidity in the banking portfolio

Additionally, customers can transfer XRP tokens to their Sygnum deposit account or increase their liquidity in traditional fiat currencies with a Lombard loan granted against XRP.

Mathias Imbach, co-founder of Sygnum, praised the annunciation and commented as follows:

"We were impressed with Ripple'south first-class operation globally - they at present accept more than 300 financial institutions in their global payments network, RippleNet. The XRP-based solutions developed by the company resolve weak spots in the growing global remittance market of $ 700 billion. The depression cost of transfers makes it an ideal tool to facilitate payments in emerging economies."

The bank also highlighted that the Ripple protocol provides instant cantankerous-border transfers at a low cost, rather than the traditional way of sending coin away.

Sygnum's customer assets are held in separate, highly secure individual portfolios. They are bachelor in ane click from each client's e-banking platform, and accessible anywhere in the earth.

Interest in banks towards Ripple'southward protocol

Information technology is not the start time that a bank incorporates Ripple's protocol in its operations. Cointelegraph reported on April 10 that Azimo, a digital money service, partnered with Siam Commercial Bank in Thailand to launch an instant cross-edge payment service through RippleNet.

MoneyGram said in Feb that information technology received funds from the blockchain-based payments firm, Ripple Labs, to continue scaling the use of blockchain capabilities in its services.