Anchorage Custodian Adds Ripple’s XRP Storage for Big Institutions

UTC by Jeff Fawkes · 3 min read
Anchorage Custodian Adds Ripple’s XRP Storage for Big Institutions
Photo: Anchorage / Medium

Anchorage, Ripple XRP and big money story: per the official announce, custodian will support XRP. They have the XRP Ledgers set up and ready. The support sees light since April 2, 2020.

Per the official announcement, Anchorage will support XRP from now. They have the XRP Ledgers set up and ready.   Anchorage is a firm from Delaware, the U.S. The headquarters is in San Francisco, California. Their purpose is high-quality custodian services. In the package, you will find a legal shield and insurance. That means the funds you keep with the company are 100% safe. Anchorage will aggregate your private keys to sign a cryptographic challenges. They are proving that the funds are yours, in case of trouble. The company maintains exclusive coin control.

Diogo Monica, the president of the firm, says that XRP is appealing to the hearts of the clients. Per the CEO:

“Anchorage has always aimed to support every asset that meets our standards of quality and security, and XRP does both. Particularly during these uncertain times, we’re proud to be growing our list of supported assets and improving operational efficiency for our institutional clients.”

XRP is considered the third-largest cryptocurrency by market cap. This is a currency that many people use for payments. Ripple Labs use it for something they call ‘on-demand liquidity’.

Their clients are big banks. Ripple facilitates a separate network layer for them – RippleNet. That layer allows institutions to make fast, cheap transactions worldwide. The system consists of banks that facilitate the nodes. Thus, the banks know: many other banks will ‘confirm’ their transaction. This looks very stylish and safe, as the public transactions and coins are all on XRP, not on RippleNet.

Anchorage Will Manage XRP for Big Investors

Custodian secures funds for family offices, hedge funds, VC funds and more. The company claims in a press release that many institutions are holding XRP. This is the token also available for retail investors. Many of cryptocurrency wallets support XRP. Keep in mind that you will need at least 20 XRP on each address to make it operational. This way, the network is fighting with spammers and ensures that only real people use the blockchain.

Inside the storage, there is a biometrical authentication. Signing a transaction will require multiple users to grant unique key signatures. The transaction logic lies in hardware, so the servers wait until both the client and the custodian approve.

In Anchorage, the users can stake, hold and delegate coins and rights. They will receive airdrops, forked coins and such. There is no need to grab the private keys out of custody and make complicated moves.

Altcoin News, Blockchain News, Cryptocurrency news, News, XRP
Jeff Fawkes
Author Jeff Fawkes

Jeff Fawkes is a seasoned investment professional and a crypto analyst. He has a dual degree in Business Administration and Creative Writing and is passionate when it comes to how technology impacts our society.

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