Digital Asset Bank Sygnum Onboards Ripple’s XRP for Custody, Trading and Credit Services

  • Sygnum Bank has introduced XRP as a trading commodity on its platform allowing its clients to sell, buy, and even be eligible to credit services with the XRP token.
  • RippleNet low transactional fees for international remittances have offered enough incentive for local banks to onboard the Network.

Reports have surfaced that as of 30th April 2020, Sygnum Bank the world’s first Digital asset bank availed Ripple’s XRP protocol token on their platform. They now support the trading, custody, and credit services with the XRP token on their banking services for their users according to a report.

Notably, Ripple’s XRP is the third most capitalized according to Coinmarketcap enjoying a market cap of $9,707,321,764 and trading at $0.220057 as per this writing. It is only behind Bitcoin (BTC) and Ethereum (ETH) who collectively sum up to 80% of protocol token market cap.

The full integration of the XRP to the bank’s core systems will enable their clients to effectively invest in the token via an online banking platform and even transfer the token to their Sygnum Bank custody wallet. This is all while using some of the most common Fiat currencies: the USD, Swiss Franc (CHF), Euro (EUR), and even Singapore Dollar (SGD) being welcomed to the fold. Loan features have been included as the transfer of the token to the Sygnum custody wallet to secure a Lombard loan against the token.

Low Transactional Fees for International remittances

Mathias Imbach, the Swiss-based bank cofounder was impressed by RippleNet’s reach globally boasting of about 300 global partners. He seems to share the sentiment that RippleNet’s solution had significantly trimmed the transactional costs of international remittances which made it a particularly good fit for growing economies.

“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’’

RippleNet Expanding their fold

Several banks have recently joined RippleNet’s fold. This could be mainly attributed to the meager fees attached to Ripple’s protocol for cross border money transfer services. This is as Vietnamese TPBank has recorded billions of Yen in cross border transactions between Japan and Vietnam after reportedly joining the Network.

Their Blockchain solution with SBI Remit, also a partner of RippleNet was able to offer a cheaper alternative of money transfers for the hundreds of thousands of Vietnamese immigrants working in Japan back to their families in Vietnam.

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