It was announced today that bitcoin security company Palo Alto-headquartered BitGo and Ripple have partnered to make it easier for businesses to use Ripple’s XRP currency for global payments.
BitGo will provide multi-signature security, advanced treasury management and additional enterprise functionality for XRP, which will be integrated into the BitGo platform later this year.
Miguel Vias, Head of XRP Markets stated:
“It’s a natural fit. Both Ripple and BitGo are committed to making digital assets like XRP more accessible and usable for institutions. Working with BitGo is an important step to building out the XRP ecosystem that will serve the growing demand for global payments.”
Mike Belshe, CEO of BitGo noted:
“We are excited to be working with Ripple to provide enterprise tools and treasury management capabilities to institutions working with XRP. The Ripple team understands crypto and traditional finance extremely well. They are well-positioned to disrupt global settlement via blockchain and we are happy to play our part.”
XRP was created specifically for institutional settlement in seconds. As evidenced by blockchain bank consortium R3’s recent trial with XRP for interbank cross-border payments, the use of Ripple and XRP can enable both cost-cutting and revenue opportunities for participating institutions.
Today’s news follows EU-regulated cryptocurrency platform Bitstamp’s recent listing of XRP/USD and XRP/USD trading pairs. Bitstamp is also the first partner exchange for Ripple’s XRP incentive program which is designed to increase liquidity and tighten spreads. This program offers rebates and compensation to qualifying liquidity providers in XRP pairs at partner exchanges.