Ripple and its native cryptocurrency XRP have had a rollercoaster ride over the past year with price falls and significant partnerships going hand in hand. This kind of sentiment shift has not stopped its supporters from throwing their full weight behind the cryptocurrency and its developments.
The XRP Army had another reason to rejoice recently when Sygnum Bank, the world’s first cryptocurrency bank, announced that XRP will be added to its fold this year. The bank will allow investors to jump into XRP via the e-banking portal of the organization.
On April 30, Sygnum revealed that the third-largest cryptocurrency on the planet will soon join the bank roster as demand for it grows on a daily basis. Users will have the option of depositing, exchanging and accessing bank credit services via XRP. All Sygnum customers will be able to possess XRP using mainstream fiat currencies like the US dollar, the Swiss franc, the Singapore dollar, or the Euro.
Mathias Imbach, the co-founder of Sygnum spoke highly about the latest listing and stated:
“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.”
Customers of the bank also have the option to send XRP to their Sygnum deposit accounts in a bid to increase their native cryptocurrency portfolio. Another key feature was the ability to obtain a Lombard loan against XRP as it would allow more flow of capital within the bank’s ecosystem. Sygnum chose the correct window to list XRP on its platform as more and more investors were ready to jump on board during the current bull run.
At press time, XRP’s value had shot up to $0.22 with a total market cap close to $10 billion. Ripple had earlier said that as the number of partnerships grows, so will the cryptocurrency‘s trading volume. The current 24-hour trading volume was $2.651 billion which came after significant hikes over the past week.
The Switzerland based bank reassured users that all of their funds are stored in separate, highly secure individual portfolios that will only be accessible by them. Another feature that the bank prided itself on was the ease of access by which users could deal with their assets. Sources close to the bank have said that regulated custody solution was developed by Swisscom with an architecture tailored for institutional-grade security.