Key facts
- XRP price fell more than 6% to $1.43.
- Paxos' Crypto Brokerage platform now supports XRP.
- XRP has been in circulation since 2012 and is in over 8.1 million wallets.
- Paxos partners can offer XRP buying, selling, holding, depositing, and withdrawing.
- Ripple Custody integrated with Canton.
- Ripple expanded its relationship with Brevan Howard.
The price of XRP has declined by over 6% to $1.43 amid a broader cryptocurrency market downturn. This retreat occurred despite a significant development where Paxos announced that its Crypto Brokerage platform now supports XRP, a move that could broaden access for businesses utilizing Paxos as their regulated crypto infrastructure provider.
According to Paxos, XRP has been in circulation since 2012 and is held in over 8.1 million wallets. The integration allows Paxos' partners, which include major financial platforms like PayPal, Venmo, Interactive Brokers, Charles Schwab, and Mercado Libre, to offer XRP-related services such as buying, selling, holding, depositing, and withdrawing.
This announcement from Paxos coincides with Ripple's ongoing efforts to expand its institutional infrastructure. Ripple Custody has recently been integrated with Canton, a network designed for institutional financial applications, thereby extending support for digital assets and institutions within Canton's ecosystem. Furthermore, Ripple has strengthened its relationship with Brevan Howard, with its prime brokerage platform set to offer selected services to the investment firm. This collaboration builds on previous investments made by Brevan Howard affiliates in Ripple, underscoring institutional interest in the company.
However, concerns about a potential sell-off were fueled by Ripple sending $150 million in XRP to Binance, contributing to the price drop.