World’s First Virtual Currency Bank Adds Support For XRP, Offers Avenues Of Diversifying Investments

World’s first digital asset bank licensed by FINMA, Sygnum Bank, declared on 30th April that XRP coins are now accessible via its banking services platform. Customers can access exchange, deposit, and credit services using Ripple’s XRP.

It is to be noted that the bank, which is based out of Switzerland, will now permit the third largest cryptocurrency by market cap, XRP, to be used by clients in quest of diversifying their direct investments in virtual assets, in combination with additional asset management products rendered.

The customers of Sygnum Bank can use deposits in conventional currencies, like the Singapore dollar, the Swiss franc, the US Dollar, and the Euro, to buy, store, and trade XRP coins.

The co-founder of Sygnum, Mathias Imbach said,

“We were impressed with Ripple’s excellent performance globally – they now have 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 low cost of transfers makes it an ideal tool to facilitate payments in emerging economies.”