Switzerland-based licensed digital bank Sygnum Bank has announced it added support for ripple XRP for custody, trading and credit services on its banking platform.
According to an official announcement, the token allows Sygnum’s clients "to further diversify their direct token investments, in addition to Sygnum’s asset management products."
Sygnum Head of Custody Simon Wälchli says clients can now hold their XRP in the bank's regulated custody solution, which is co-developed with Swisscom and architected to provide institutional-grade security.
"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," said Sygnum Co-Founder Mathias Imbach.
From now on, the bank's clients can use fiat currency deposits, including CHF, EUR, SGD and USD, to securely buy, hold and trade XRP and diversify digital asset portfolios.
Earlier iHodl reported that one of Thailand’s leading universal banks Siam Commercial bank (SCB) integrated Ripple's payment network RippleNet into its services to send cross-border payments with digital money transfer service Azimo.
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