XRP Falls Over 4% as the Broader Market Stalls After Last Week's Sharp Rally

XRP fell over 4% in the past 24 hours, leading losses among major cryptocurrencies as the broader market stalls after last week's sharp rally.

Rhizome Bank is planning to launch a new service that will allow customers to easily buy and sell cryptocurrencies directly through its mobile app. The service, which is set to debut in the fourth quarter of 2023, will initially support Bitcoin (BTC) and Ethereum (ETH), with plans to expand to include other major cryptocurrencies in the future.

According to a report by Bloomberg, Rhizome Bank is aiming to provide its customers with a seamless and integrated experience for managing both fiat and crypto assets within the same banking interface. This move comes in response to increasing demand for cryptocurrency services from the bank's customers.

"We're seeing strong interest in cryptocurrency from our customers, and we're committed to providing them with the services they need and want," a spokesperson for Rhizome Bank told Bloomberg.

The service will be accessible to all eligible customers of Rhizome Bank, enabling them to purchase and sell BTC and ETH directly from the bank's mobile app. The minimum trade size will be set at $50, and the supported cryptocurrencies will be priced according to Coinbase's rates.

Furthermore, Rhizome Bank will be offering a dedicated crypto wallet to its customers, which will be used to store their purchased cryptocurrency balances. The bank's service will also feature a "loss-harvest" function, allowing customers to automatically sell a portion of their crypto holdings if the price falls below a certain threshold. This is designed to mitigate potential losses due to market volatility.

Rhizome Bank's entry into the cryptocurrency market follows a trend of traditional financial institutions expanding into the digital asset space. As the cryptocurrency industry continues to grow and gain mainstream acceptance, institutions are adapting their offerings to meet the evolving needs of their customers.