Facebook Libra’s member Anchorage to support XRP

The company says, that the addition of Ripple is a response to the growing needs of institutional investors.

Anchorage the institutional cryptocurrency custody platform announced recently its support for Ripple (XRP).

The third-largest virtual currency by market capitalization will now be available for institutional clients of the crypto custodian. Anchorage, backed by Visa, Andreessen Horowitz and Blockchain Capital, has raised $57 million during its fundraising series last year.

According to the company’s announcement, the addition of Ripple is a response to the growing needs of corporate investors. Diogo Monica, the founder and president of Anchorage, says:

There’s an ecosystem of institutions that hold XRP and want a more secure and usable institutional custody solution.

Since Ripple blockchain company has been recognized as one of the most prominent players in the cross-border payment industry, Anchorage seems to see it as an attractive asset for corporate investors.

Furthermore, according to Ripple’s CEO Brad Garlinghouse, the company might extend far beyond the cross-border payment niche and thus mirror the growth of e-commerce giant Amazon.

Meanwhile, the San Francisco-based Anchorage claims that its custodial solution is safer than cold storage and is engineered for asset usability. Anchorage allows features of staking, airdrops and trading directly from custody.

Following the statement, Anchorage cooperated with Ripple’s developers at the Xpring platform to help the integration of digital assets. The company is also planning to support additional services, like Payment Channels, that allow sending “asynchronous” XRP payments that can be divided into very small increments and settled later.”

The member of Libra and Celo

Meanwhile, Anchorage announces the support for XRP, the digital asset custodian is already a member of two major alliances like Facebook’s Libra and Celo.

Since both Libra and Celo are claiming to change the traditional banking systems and are planning to release their own stablecoins, Anchorage seems to test various opportunities for global payment solutions.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Milko Trajcevski

Milko Trajcevski is a DailyCoin news reporter, mainly focused on Ethereum (ETH), Cardano (ADA), and their founders (Vitalik Buterin and Charles Hoskinson). Milko is an avid follower of crypto and blockchain technology and has written thousands of articles on the subjects. He finds joy in transforming complex issues into written content that anyone can understand. Milko has used and analyzed numerous exchanges, such as Coinbase, FTX, and Binance. He also closely follows all of the latest news around the largest decentralized exchanges (DEXs). Location: Skopje, Macedonia