Anchorage Adds Institutional Custody Support For Ripple's XRP With The Help of Xpring

The digital custody provider Anchorage announced they have added support for XRP.

By market capitalization, XRP occupies the third place in the top of the largest cryptocurrencies. It’s used by Ripple for all international payments. Before Thursday, it was the only cryptocurrency in the top 3 that Anchorage didn’t support. From now on, it has become available with the custodian, but only for institutional investors.

Anchorage Supports Other 18 Digital Assets

Anchorage’s support for XRP started formally on the Anchorage website on Wednesday. Here’s what the president of the company, Diogo Monica, had to say about the news:

“As the third-largest digital asset by market cap, XRP appeals to a number of our institutional clients, which include VC funds, family offices, hedge funds, and other large-scale crypto investors.”

A press release from Anchorage mentions that a large number of institutions already happen to hold XRP. There are 18 other digital assets that the custodian supports, and Monica said the custodian wants to add support for many other more of them that meet the bar.

Anchorage Is Committed to Security

Anchorage seems to be very committed to provide security for the custody product that it has to offer, which is definitely world-class. The XRP community thinks the new Anchorage support is a great addition for XRP holders. The addition makes total sense, seeing that Ripple, the company behind XRP, is continuing to close partnerships with big names in the cross-border payments world, such as Philippines-based Azimo, the US-Mexico corridor’s MoneyGram and Intermex. According to Brad Garlinghouse, Ripple’s CEO, XRP valued at $54 million were sent between the US and Mexico only one week in February.

Anchorage Collaborated with Xpring

In order to integrate XRP, Anchorage collaborated with Ripple’s developer platform Xpring. It also said that it may add new advanced XRP functions such as payment channels in order to allow users to send payments that aren’t synchronous and that get settled at a later date. When the custodian’s future plans regarding Facebook’s Libra were mentioned, Monica said that the company is working with blockchain developers.

Ripple (XRP) Live Price

1 XRP/USD =$0.2047 change ~ 1.50%

Coin Market Cap

$8.86 Billion

24 Hour Volume

$247.59 Million

24 Hour VWAP

$0

24 Hour Change

$0.0031

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Oana Ularu
Oana Ularu
Curious about what’s going on with all the money in the world, Oana is bringing you the latest news in the crypto world. She’s aware of the fact that you need to know everything that’s happening on the financial scene in order to play the cryptocurrency market, so you can count on her to share with you every little detail on what matters.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,438FansLike
2,795FollowersFollow
4,190FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Canada Regulates Crypto Exchanges & Companies as Money Service Providers

Canada is now legally recognizing cryptocurrency exchanges and payment processors as Money Service Businesses (MSB). The new regulation, which is the amendments to Proceeds of...

Ripple Execs, Led By CEO Brad Garlinghouse, Meet With Central Bank Of Brazil Officials in ‘Closed to the Press' Meeting

Ripple Inc.’s, Brad Garlinghouse held a ‘closed to the press’ meeting with Brazil’s Central Bank officials on May 30th to discuss “institutional matters” in...

Tezos (XTZ) Class-Action Securities Lawsuit for the $232M ICO Sees $25M Settlement Pending

A class-action lawsuit against Tezos during its 2017 ICO may end in a $25 million settlement. The lawsuit was filed against Tezos for the...

Two Top Cryptocurrencies with the Worst Serial Market Performance

After the crypto winter of 2018, digital assets started recovering last year and continued the behavior into 2020. Although still far from their all-time highs,...

Chainlink, IBM, ING, Microsoft, NASDAQ, and R3 Among First to Join InterWork Alliance to Set Tokenization Standards

Top financial and blockchain industry companies have formed the InterWork Alliance (IWA) in a bid to standardize the business and enterprise tokenization market. The alliance...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today