Ripple's efforts to build an active ecosystem around its XRP digital asset has been boosted by a deal with virtual currency processor BitGo.
Under the programme, BitGo will provide multi-signature security, advanced treasury management and additional enterprise functionality for XRP, which will be integrated into the BitGo platform this year.
BitGo currently processes over over $1 billion in digital currency transactions per month on behalf of business that want to integrate virtual tokens into their financial systems.
"Both Ripple and BitGo are committed to making digital assets like XRP more accessible and usable for institutions,” notes Miguel Vias, head of XRP Markets. “Working with BitGo is an important step to building out the XRP ecosystem that will serve the growing demand for global payments.”
The latest move follows 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.
Later this quarter, Ripple is intending to offer qualified market participants the ability to borrow XRP, widening participation and building deeper and more stable markets.
States Ripple: "It’s a crucial step in encouraging capital markets adoption of XRP which will ensure it becomes the institutional standard bearer for international value transfer."