Ripple seems to start the Q4 at the top, as it seems to leave an extremely negative 2018 in terms of market performance.
The third largest cryptocurrency by market capitalization Ripple (XRP) has received a great boost in its efforts to attract institutional investors. A new encryption for institutional investors will now include Ripple's XRP token.
Balance Custody has recently launched a new cryptocurrency custody service that offers support for eight cryptographic resources including Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Ethereum Classic (ETC), Stellar (XLM) , Litecoin, Dash and the aforementioned Ripple (XRP).
The Canadian company Balance has stated that it will offer a safe, transparent, verifiable and military-level solution.
To safeguard customer assets, Balance Custody will store all resources in Deep Cold Storage. It will also use safe deposits distributed throughout North America.
The new company will provide liquidity within 48 hours of a customer request and will have an annual fee charged on a pro rata basis. The broker will be very competitive in Canada as it offers lower custody costs than similar competitors in the industry such as Coinbase Custody.
For example, Coinbase Custody charges an annual fee of 1.2%, while that of Gemini is 0.984%. Instead, Balance will charge a relatively low annual fee of 0.5 percent.
The company ran a one-year pilot involving a select group of investors, the result of which was the creation of a cryptography, a fundamental solution that gives investors guarantees.
According to Balance CEO George Bordianu, pilot tests revealed that most APIs and blockchain interfaces showed limited functionality. Adds that:
"Implementing a robust solution on a per customer basis would quickly turn out to be non-scalable, and we knew we could do better and, thanks to the R & D developments in space, we did. "
At present, the Canada-based company continues to involve regulators because it is working to ensure that it complies with all laws regulating investments in cryptocurrency.
Despite an impressive marketing campaign and a series of high-profile collaborations, XRP has largely underperformed, thanks to a bearish market from the beginning of the year.
However, the biggest problem was the negativity surrounding the fact that Ripple, the company that created XRP, owns almost 60% of the total token bid.
This feeling is the reason why the crypt has undergone numerous customs clearance, in particular from Coinbase and recently from Morgan Creek Capital. The latter decided not to offer support for XRP when it launched its institutional grade encryption.
At the time, a Morgan Creek associate, Antony Pompliano, explained why the company did not include Ripple and ten other fund coins.
"If there is a central party that owns 30% or more of an offer, then we hold those from the index."
The exclusion apparently hinges on the fact that these assets fall into a category of coins called pre-extracted tokens. The Bitwise Digital Asset index of Morgan Creek, however, included EOS and OmiseGo which are not editable.
Therefore, the inclusion of XRP in the custody fund is a big step forward for the currency. The San Francisco-based company claimed to be on the verge of a breakthrough in its efforts to sell XRP directly to institutional investors.
There is a growing interest in the XRP token by companies and institutions. According to Ripple CEO Brad Garlinghouse, their third-quarter market report will show how interest in the currency has skyrocketed over the last three months.
Revealed it during a recent AMA session with the Chief Market Strategist of the Johnson Cory company. And it seems that the inclusion of XRP in the new cryptographic fund is a step towards a better Q4.