Crypto custodian Anchorage adds support for XRP

Custody • April 3, 2020, 1:45AM EDT
UPDATED: April 3, 2020, 11:04AM EDT
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Institutional crypto custodian Anchorage has added support for XRP, the third-largest cryptocurrency, by market capitalization.

Announcing the news on Thursday, Anchorage co-founder and president Diogo Monica, said there's an "ecosystem of institutions" that hold XRP and want to secure it.

XRP meets Anchorage's standards of quality and security, Monica told Decrypt, adding: "As a leading cryptocurrency for global payments and remittances, XRP is attractive to many institutional investors."

Anchorage worked with Ripple's developer team at Xpring to integrate the cryptocurrency. The custodian may also add more XRP functions like "payment channels," which allow users to send "asynchronous XRP payments that can be divided into very small increments and settled later."

Notably, Anchorage is not the only custodian supporting XRP. Other major players, including Coinbase Custody and BitGo, already support the cryptocurrency for over a year now.

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Yogita Khatri profile picture Yogita Khatri

Yogita Khatri is a senior reporter at The Block and the author of The Funding newsletter. As our longest-serving editorial member, Yogita has been instrumental in breaking numerous stories, exclusives and scoops. With over 3,000 articles to her name, Yogita is The Block's most-published and most-read author of all time. Before joining The Block, Yogita wrote for CoinDesk and The Economic Times. You can reach her at [email protected] or follow her latest updates on X at @Yogita_Khatri5.

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