Ripple Breakthrough: New Crypto Fund for Institutional Investors Includes XRP
XRP will be included in a new crypto fund for the super wealthy.
Today, Balance Custody launched its new crypto custody solution for institutional investors. It includes XRP on its list of eight digital assets.
The breakthrough follows a recent snub from Morgan Creek Capital, which decided not to include XRP in its new crypto fund for investors with big capital.
Balance Custody says it’s been running a closed pilot with a small group of customers for the past year to create a bulletproof and financially transparent solution offering military grade security guarantees.
“While trying to put together a proof of concept, we quickly discovered that the APIs and interfaces exposed by most blockchains are limited in functionality,” says Balance CEO George Bordianu. “Implementing a robust solution on a ‘per client’ basis would quickly turn out to not scale. We knew we could do better, and thanks to R&D developments in the space, we did.”
Here’s a look at the other coins on the list, in addition to XRP.
• Bitcoin (BTC)
• Bitcoin Cash (BCH)
• Ethereum (ETH)
• Ethereum Classic (ETC)
• Litecoin (LTC)
• Dash (DASH)
• Stellar Lumens (XLM)
The digital assets were selected based on technological merit, community strength and track record.
Balance reportedly offers some of the lowest custody fees in the industry.
The company is based in Canada, and says it’s working closely with regulators to ensure it’s in full compliance with the country’s laws on digital currency.
Ripple, which owns 60% of the total supply of XRP, says it’s also having a breakthrough with its direct sales of XRP to institutional investors. CEO Brad Garlinghouse says the company’s next XRP Markets Report will show a big boost in interest from wealthy investors.
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Comments 3
Bitcoins and Gravy (@BitcoinsNGravy)
Aug 31, 2018It’s apples to oranges guys. Technically XRP is not a cryptocurrency – if you’re using the real definition as defined in blockchain tech terms.
Nonetheless, XRP will continue to be useful but will be unable to do A LOT OF THINGS that the Bitcoin Blockchain can do – including sending value peer to peer, micro-transactions, smart contracts (yes Bitcoin will eventually have smart contract platforms built upon it kids) and many more to come.
So yes XRP is valuable for some things (for now). But so is my bank because I need it for cashing work checks.
But on the day I no longer receive work checks or no longer need a bank for cashing them, I will close my bank account and walk away from brick and mortal banking forever.
Remember it’s still early in the game and while it may appear that the hare (the rabbit) will easily win “the race”, in truth, I’d put my money on the tortoise (the turtle). Fact is, when it comes to security, the Bitcoin Blockchain model is the most secure value transfer network on the planet. In the future, this security will be taken MUCH more seriously when people finally understand how important it is.
: )
RickCrypto (@RickCrypto1)
Aug 31, 2018In term of moving speed, scalability, and cost, none of the others can compete with #XRP and #XLM. It is ridiculous when billion of dollar worth of #XRP/#XLM can move in less than 5 seconds for the cost of a few cents. Congratulation to Balance Custody, you got it right!
Stuart H
Aug 31, 2018Finally, a fund manager who understands scalability and how it trumps being a fan boy for the BTC maximalists. I expect Balance to dramatically outperform Morgan Creek because when scalability becomes a major issue for institutions those projects will stall and they have no plan B in their portfolios. The Lightning Network may be an answer, but we are not fully there yet. XRP and XLM can scale and send thousands or even millions in seconds for less than a penny. Spare me the centralized comments because XRP only has 48 percent Ripple validators and these are institutional funds we are talking about here, which are per se central.