Crypto custodian Anchorage adds support for XRP

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.

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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 is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.