Anchorage, an institution-grade crypto custodian firm has added support for the third-largest cryptocurrency, XRP. The firm, which is also one of the founding members of the Libra association announced in a blog post today (April 2, 2020) that is has started offering custody support for XRP.
The announcement notes that there is a notable “ecosystem of institutions” that hold XRP cryptocurrency and are in search of a “more secure and usable institutional custody”. This is where Anchorage comes in. The firm will ensure that institutions involved in cross-border remittances have secure storage for their XRP.
This addition by Anchorage makes a lot of sense. This is because Ripple has well-known partners like MoneyGram and International Money Express (Intermex) that deal with XRP. For instance, Ripple’s Chief Garlinghouse revealed in February that roughly $54 million in XRP remittances was sent between the United States and Mexico within the first week of that month.
Remarkably, XRP was the only large-cap crypto in the top three that was previously not supported by the custodian.
Anchorage’s post published by the co-founder and president Diogo Mónica explained that the firm used a number of resources to better understand XRP before supporting it. Mónica cited that they relied on information from Xpring, the rippled open-source server, and also xrpl.org.
The Andreessen Horowitz-backed custodian firm is ready to add support for more advanced XRP functionality such as “payment channels” if and when the demand arises.
Ripple’s developer platform Xpring took to Twitter to announce “another great addition to the XRP community”.
Xpring opined that Anchorage’s support for XRP will “enable its growing roster of enterprise customers to securely store XRP for various use cases.”