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Anchorage Trust Adds XRP To Asset List For Institutional Clients

XRP Trades Briefly for $8,300 on Coinbase, Sparks Debate

Anchorage Trust Company, a qualified digital asset custodian company, has now officially added Ripple’s XRP token to its list of institutional custody solution assets. The announcement for the support of one of the largest cryptocurrencies in the world at this time came on the 2nd of April, 2020, doing so through a blog post.

Cooperating With Ripple Itself

Anchorage itself claims to be a custodial solution that is safer than even cold storage, while simultaneously allowing its clients the benefits of actually using the assets. Anchorage offers other features alongside this, as well, including airdrops, staking, and even the ability to trade from custody.

Diogo Mónica, the President and co-founder of Anchorage, gave a statement over the matter as a whole. According to Mónica, the support of XRP relies on a range of resources, including those that Ripple’s developer platform, Xpring, both developed and maintained. The most prominent of these resources is the open-source server of Ripple, which in turn powers the XRP Ledger.

Switching Teams

Today, the XRP custodial solution has been made available to institutional investors, with future plans entailing the incorporation of additional services. The project went on, noting that Anchorage’s platform’s overall flexibility allows for a higher degree of sophistication when it comes to the functionality of XRP. This includes Payment Channels, should customers hold a demand for it.

An important matter to make a note of is the fact that Anchorage was one of the original members of the Libra Association. While the company pulled out of that mess of scrutiny and outrage, it didn’t mean they weren’t keen on trying again. Anchorage, like many former Libra backers, has now joined forces with Celo, a rival in this new industry. The managing body behind this Celo stablecoin is the Celo Alliance for Prosperity. A very fancy name indeed.

Member of Big Associations

As it stands now, Anchorage is a member of several prominent associations within the crypto industry. First of which is the Crypto Rating Council, and the second being the Blockchain Alliance. Anchorage also bears the backing of big names in the crypto and financial industry, such as Visa, Andreessen Horowitz, and Blockchain Capital.

While Ripple had been contacted in a bid to get a comment, at the time of publishing, there was no such statement from the company. Doubtlessly, they will give their mandatory public statement about their overall joys of this move in due time.

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      A journalist, with experience in web journalism and marketing. Ali holds a master's degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.