Paxos Rolls Out XRP Offerings for Partners, Here’s All
Highlights
- Paxos has added XRP support to its Crypto Brokerage platform for partner businesses.
- Ripple continues expanding its institutional footprint through partnerships with Canton and Brevan Howard.
- XRP price fell over 6% amid broader market weakness and concerns over potential selling pressure by Ripple.
The XRP price has slipped by more than 6% today at the time of writing, amid a broader crypto market crash. However, despite the retreat, a recent update from Paxos, which hints that the blockchain firm is extending its backing for XRP, has gained notable traction.
Paxos Brings XRP Support to its Crypto Brokerage
In a recent X post, Paxos said that its Crypto Brokerage platform now supports XRP, fueling market interest. The development could widen access to XRP for businesses using Paxos as their regulated crypto infrastructure provider.
According to Paxos, XRP has been in circulation since 2012, highlighting its broad adoption across more than 8.1 million wallets. Meanwhile, the key development is Paxos allowing its partners to offer XRP through its existing brokerage infrastructure.
The XRP Ledger Foundation also highlighted the significance of the move. It said that Paxos Crypto Brokerage already serves major financial platforms, including PayPal, Venmo, Interactive Brokers, Charles Schwab, and Mercado Libre.
On the other hand, the post showed that the partners can now provide XRP-related functions through the platform. These include buying, selling, holding, depositing, and withdrawing XRP, according to the foundation.
Ripple Expands its Institutional Footprint
The Paxos announcement comes as Ripple continues expanding its institutional infrastructure. Ripple Custody has recently been integrated with Canton, a network focused on institutional financial applications.
The integration brings Ripple’s custody technology to Canton. It also expands support for digital assets and institutions operating within its ecosystem.
Meanwhile, Ripple has also expanded its relationship with Brevan Howard recently. Its prime brokerage platform is expected to provide selected services to the investment firm.
The relationship builds on an earlier connection between the two companies. For context, Brevan Howard affiliates previously invested in Ripple, further highlighting institutional interest in the blockchain company.
However, despite that, XRP price fell more than 6% today to $1.43 at the time of writing. The recent retreat could also be attributed to Ripple sending $150 million in XRP to Binance, fueling sell-off concerns.
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