By Solomon Odunayo
The world’s first digital asset bank, Sygnum, has announced the launch of the digital token XRP on its platform.
According to the report, the third-largest digital by market cap, XRP, is now available for custody, trading, and credit services on the platform after the addition of Bitcoin (BTC) and Ethereum (ETH).
The report further stated that the integration of XRP into Sygnum’s regulated banking platform implies that clients can now invest in XRP through the e-banking portal of Sygnum or transfer the digital token into custodian wallet at Sygum bank.
The Head of Custody at Sygnum, Simon Wälchli, said that the recent addition of XRP has given its customers options to diversify their digital asset portfolios.
He said:
“Clients can now hold their XRP in our regulated custody solution, which is co-developed with Swisscom and architected to provide institutional-grade security. The addition of XRP allows clients to further expand and diversify their digital asset portfolios”
Sygnum Co-Founder, Mathias Imbach, said the performance of Ripple, the cross-border payment firm that oversees the distribution of XRP, is aiding its increase in popularity across the world.
He said:
”We have been impressed by Ripple’s significant traction globally – they now have more than 300 financial institutions on their global payments network, RippleNet.”
Adding that “The company’s XRP-based solutions address the pain points of the fast-growing USD 700 billion global remittance market, and the low cost associated with transfers makes it ideal for facilitating payments in emerging economies”
The report further stated that Sygnum customers can use their traditional fiat currency deposits, such as CHF, EUR, SGD, and USD, to buy, hold, and trade XRP.
Customers can also transfer XRP into their Sygnum custody account or increase fiat liquidity with a Lombard loan against Ripple’s digital token XRP.
Conclusively, XRP is seamlessly integrated with fiat balances, Bitcoin (BTC) and Ethereum (ETH), a Digital CHF token for instant settlements and a diverse range of asset tokens, all in one account.
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