Ripple’s XRP Is Supported by World’s First Crypto Bank

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Sygnum Bank, the Switzerland-based financial institution, is well-known as the first crypto bank in the world. The bank offers XRP-based deposits, withdrawals, trades, and credit services. 

Let’s dive deeper into what Sygnum Bank is and what people can do with their XRP.

XRP Definition and XRP Ledger

XRP, created by Ripple, is one of the top cryptocurrencies today. It provides value transfer between different fiat currencies, it’s practical to use, and it’s the bridge currency behind xRapid, Ripple’s exchange product.

The XRP Ledger is an open-source distributed ledger technology that allows for the XRP currency to be cryptographically secure. This is not proprietary software from Ripple.

Thus, these high-tech features make XRP attractive to leading world banks.

Sygnum Bank

Sygnum Bank is a regulated financial institution based on Swiss and Singapore foundations. It is based in Switzerland but functions worldwide, and its focus is on cryptocurrencies. With this bank, users can deposit fiat currencies, like USD and more, and use them to trade with top cryptocurrencies like Bitcoin, Bitcoin Cash, Ethereum, and Ripple.

Sygnum is powered by a multisectoral group of experts from fields like finance and DLT. The institution does not offer standard services like how to convert Ripple to Bitcoin. Instead, here’s how it works.

How to Invest in XRP with Sygnum Bank

XRP has been included in the Sygnum Bank platform, which makes it easy to offer different operations.

XRP Buying, Trading, and Holding

With Sygnum Bank, clients can exchange different fiat currencies to purchase XRP. They can also utilize it to trade or hold different cryptocurrencies.

Using a Sygnum Custody Account

Users can fund their Sygnum Custody Accounts with XRP by transferring the cryptocurrency. They can improve the liquidity of the fiat currency.

Combined Account

The Sygnum Bank account is combined with XRP, fiat currencies, and other cryptocurrencies. All the currencies can be managed from a single account.

Sygnum’s e-banking platform offers top-notch safety and security. All your assets will be stored in different wallets.

It’s straightforward for anyone to join Sygnum Bank. You can go through the registration process on the bank’s website and join as a qualified investor or legal entity.

Last Take on XRP and Sygnum

Cryptocurrencies increase returns and give their holders the chance to vary their investment portfolios. It has become an alternative asset class. Everyone can use the XRP cryptocurrency with Sygnum Bank.

If you want to expand your investments and invest in XRP in another way, you can purchase this cryptocurrency at Godex by following the link above.