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The world’s first digital asset bank that lets people invest in the digital economy has announced the adoption and inclusion of XRP among its currency portfolios.
Sygnum today declared that it has launched and included XRP on its platform for custody, trading and credit services. Syganum is a Singapore and Swiss-based regulated bank that allows customers to invest in digital currencies via e-banking portal or trading desk.
The inclusion of XRP marks the third digital currency added to the platform after Ethereum and Bitcoin. According to Finextra, customers can also invest in the digital currency via Sygnum by transferring XRP directly into the bank’s custodian wallet.
Aside from moving XRP into Sygnum custody account, users can also improve fiat liquidity with lombard loan against XRP.
The latest development allows customers to use fiat currencies like CHF, SGD, USD and EUR, to invest in and trade XRP securely on Sygnum platform. Also, the option of buying XRP with ETH and BTC is available.
While the XRP Ledger was created by Ripple to help lessen the burden of financial institutional and individuals when executing transaction, XRP represents a good addition for the company.
The three digital currencies added to the banking investment platform are among the most used cryptocurrencies and they represent circa 80% of the total market capitalization of the entire crypto industry.
The Head of Custody at Sygnum Bank, Simon Wälchli, expressed the excitement of the company in adding XRP to its regulated custody solution to offer users better experience. He said Sygnum aims to give clients the ability to expand and diversify their crypto portfolios.
Also, the cofounder of Sygnum, Mathias Imbach, said the bank is moved by Ripple’s global adoption, praising the Silicon Valley company for on-boarding over 300 financial institutions on its global payments network, RippleNet.
Imbach furthered that Ripple’s XRP-based solutions proffers solution to most of the agelong challenges of the fast growing $700 billion remittance industry.