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.
Announcing: Anchorage supports XRP. https://t.co/2j8BgsCJ2z
— Anchorage (@Anchorage) April 2, 2020
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.