- The Swiss Sygnum Bank will now offer deposit, exchange and credit services for the XRP token.
- Arab Bank Switzerland has announced an investment in the Swiss Fintech company Taurus Group SA, through which it will also offer various services for the XRP token.
Swiss Sygnum Bank, which describes itself as the world’s first digital asset management bank and holds both a Swiss banking license and a Singapore asset management license, has announced its support for the XRP token. According to an official press release, customers of the bank will now be able to benefit from Sygnum’s deposit, exchange and credit services for the XRP token.
XRP is the third cryptocurrency which will be integrated with Sygnum, after Bitcoin and Ethereum. Bank customers can make deposits in fiat currencies, such as the US-Dollar, Euro, Swiss Franc or Singapore Dollar, to buy, store and trade XRP. They can also transfer XRP to their Sygnum deposit account or increase their liquidity in traditional currencies by taking out a lombard loan against XRP.
Mathias Imbach, co-founder of the world’s first crypto-bank, praised the new integration in the announcement, saying that Ripple has shown promising growth prospects in recent years with over 300 banking and financial institutions. The Ripple concept is revolutionary, as Imbach emphasized:
We were impressed by the excellent global performance of Ripple – they now have over 300 financial institutions in their global payment network RippleNet. The company’s XRP-based solutions address the weaknesses of the growing $700 billion global remittance market. The low cost of transfers makes them an ideal tool to facilitate payments in emerging markets.
Arab Bank Switzerland will also offer XRP
Meanwhile, Arab Bank Switzerland has also announced that it will offer consulting, custody and intermediary services for XRP. The bank recently invested in the Swiss fintech company Taurus Group SA, which specializes in digital assets, as part of a Series A financing round.
Last September, the Bank launched a full range of services for Bitcoin and Ethereum. According to the new announcement, it now plans to add Ripple (XRP) to its offering next month. Serge Robin, CEO of Arab Bank, commented on the cooperation with Taurus:
The financial industry of tomorrow will leverage the blockchain technology both via traditional asset tokenization and digital assets. We are excited to invest in the leading Swiss fintech offering an outstanding digital asset infrastructure, thus contributing to a much needed evolution of our industry.
Sébastien Desimoz, co-founder of the Taurus Group, added:
We are looking forward to scaling up our product and engineering teams and to opening new markets. Taurus is already well established in Switzerland and we have seen a growing demand from other European countries, including France, the United Kingdom and the DACH region.
