XRP Adoption: Two Banks Reveal Plans to Support Third-Largest Cryptocurrency – The Daily Hodl

Two Swiss banks are revealing plans to offer services for XRP.

Sygnum Bank, which calls itself the first digital asset bank with both a Swiss banking license and a Singapore asset management license, now offers deposit, exchange and credit services for XRP, according to a press release. Sygnum already offers services for Bitcoin and Ethereum.

Simon Waelchli, depot manager at Sygnum, says the bank is impressed with Ripples XRP-based cross-border remittance platform.

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.

Meanwhile, Arab Bank Switzerland also announced plans to support advisory, custody and brokerage services for XRP, according to a recent announcement. The bank began offering those services for Bitcoin and Ethereum last September.

Arab Bank Switzerland also recently invested in Swiss fintech company Taurus Group SA in a Series A funding round. Taurus Group specializes in digital asset infrastructure.

Says the bank,

In an increasingly digital world, Arab Bank Switzerlands first ever investment in a financial technology company is consistent with its convictions and reinforced by a shared vision with Taurus, namely that the worlds of traditional assets and digital assets are converging.

Although the digital asset industry is still nascent, both companies see tremendous potential and efficiency gains for issuers, advisors, investors and financial institutions in digitalizing the financial industry by leveraging blockchain and smart contracts technologies.

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XRP Adoption: Two Banks Reveal Plans to Support Third-Largest Cryptocurrency - The Daily Hodl