Anchorage Now Offers an 'Institutional Custody Solution' for XRP

Siamak Masnavi
  • 3 Apr 2020

Qualified cypto custodian Anchorage has announced that it now offers support for XRP, a cryptoasset that it says is "designed to facilitate fast, efficient cross-border transactions at scale."

Anchorage was founded in 2017 by Diogo Mónica and Nathan McCauley, who were both early employees at payments solutions firm Square. It is based in San Francisco, California and Sioux Falls, South Dakota. 

It is a member of the Libra Association, the Blockchain Association, and the Crypto Rating Council (CRC). It's backed by big-name investors such as Andreessen Horowitz, Blockchain Capital, Polychain, and Visa.

Anchorage says that it is "safer than cold storage, with all the benefits of asset usability."

What does it mean by "asset usability"?

Here are three things that you can do with Anchorage's institutional custody solution:

  • "staking, delegation, and claiming airdrops, without ever removing private keys from custody"
  • "vote on governance questions facing your assets, including issues that may influence the value of your holdings"
  • "trade digital assets directly from custody"

On Thursday (April ), Anchorage Co-founder and President Diogo Mónica published a blog post in which he announced that Anchorage's institutional custody solution now supports XRP, and explain how this support was implemented:

"Our support for XRP relied on a range of resources, including ones contributed to and maintained by the team at Xpring, Ripple’s developer platform.

"We used the rippled open source server, the node implementation that powers the XRP Ledger maintained by Xpring.

"We also used xrpl.org extensively for its clear and helpful documentation of the XRP Ledger."

Featured Image Courtesy of Anchorage