XRP now available at Sygnum Bank

ZURICH, 30 April 2020 – Sygnum Bank today announces the availability of XRP for custody, trading and credit services on its banking platform.

  • XRP is the third most capitalised protocol token globally; Bitcoin, Ethereum and XRP make up about 80 percent of today’s total protocol token market capitalisation.
  • XRP allows Sygnum’s clients to further diversify their direct token investments, in addition to Sygnum’s asset management products.
  • Ripple’s vision to “instantly move money to all corners of the world” is in line with Sygnum’s mission to empower everyone, everywhere with more direct access to ownership and value.

Sygnum, the world’s first digital asset bank, has launched XRP on its platform. XRP, now available for custody, trading and credit services at Sygnum, is the third most capitalised protocol token after Bitcoin and Ethereum. Together, these three protocol tokens represent about 80 percent of the total global market capitalisation of protocol tokens. XRP is fully integrated into Sygnum’s regulated banking platform, allowing clients to invest in the token via Sygnum’s e-banking portal or trading desk, or transfer XRP into their custodian wallet at Sygnum Bank.

The XRP Ledger was established to radically transform the process of making cross-border payments by enabling financial institutions to conduct global transfers of money in seconds, reliably, and at a lower cost. The ledger achieves this with a unique consensus mechanism that relies on a network of validators which “vote” on the validity of each transaction. No mining is required during this process; instead, a finite supply of XRP was created to be used as a bridge currency in cross-border payments.  

“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.”

Simon Wälchli, Sygnum Head of Custody

”We have been impressed by Ripple’s significant traction globally – they now have more than 300 financial institutions on their global payments network, RippleNet”…“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.”

Mathias Imbach, Sygnum Co-Founder

Sygnum clients can use their traditional fiat currency deposits, including CHF, EUR, SGD and USD, to securely buy, hold and trade XRP and further diversify their digital asset portfolios. They can also transfer XRP into their Sygnum custody account or increase fiat liquidity with a lombard loan against XRP. The XRP is seamlessly integrated with fiat balances, Bitcoin and Ethereum, a Digital CHF token for instant settlements and a diverse range of asset tokens – all in one account. Each client’s assets are held in highly secure, individually segregated wallets to avoid counterparty risks, and are available with one click from Sygnum’s licensed e-banking platform from anywhere in the world.

Sygnum is not only the world’s first digital asset bank, but also a fully digital bank. We are fully operational and open for business in “decentralised mode” and continue to onboard new private qualified as well as institutional clients 100% digitally from the comfort and safety of their homes, anywhere in the world.

About Sygnum
Sygnum is the world’s first digital asset bank, and a digital asset specialist with global reach. With Sygnum Bank AG’s Swiss banking licence, as well as Sygnum Pte Ltd’s capital markets services (CMS) licence in Singapore, Sygnum empowers institutional and private qualified investors, corporates, banks and other financial institutions to invest in the digital asset economy with complete trust. Sygnum operates an independently controlled, scalable and future-proof regulated banking platform. Sygnum’s interdisciplinary team of banking, investment and Distributed Ledger Technology (DLT) experts is shaping the development of a trusted digital asset ecosystem. The company is founded on Swiss and Singapore heritage, and operates globally. To learn more about Sygnum, please visit www.sygnum.com

Sygnum Bank AG
Uetlibergstrasse 134a
8045 Zürich
Switzerland

Media Contact:
Marcus Balogh
T: +41 44 266 67 67
E: [email protected]

Corporate Contact:
Dominic Castley
T: +41 58 508 21 01
E: [email protected]

Disclaimer
This document was prepared by Sygnum Bank AG. This document may contain forward looking statements and may be subject to change. The opinions expressed herein are those of Sygnum Bank AG, its affiliates and partners at the time of writing. The document is for informational purposes only and contains general material. It is for use by the recipient only. It does not constitute any advice or recommendation, an offer or invitation by or on behalf of Sygnum Bank AG to purchase or sell assets or securities. It is not intended to be used as a general guide to investing, and should be used for informational purposes only. When making an investment decision, you should either conduct your own research and analysis or seek advice from an expert to make a calculated decision. The information and analyses contained in this document have been compiled from sources believed to be reliable. However, Sygnum Bank AG makes no representation as to its reliability or completeness and disclaims all liability for losses arising from the use of this information.

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