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.
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.