Blockchain software firm BitGo announced last week it was selected by Ripple to provide multi-signature security, advanced treasury management and additional enterprise functionality for XRP, which is the digital asset native to the Ripple Consensus Ledger (RCL). It was revealed:
“Ripple is a perfect partner for BitGo since our mission is to make digital assets like XRP usable for business. BitGo’s sweet spot is providing businesses the tools they need to integrate digital assets into their existing financial systems securely and at scale. We process over $1 Billion in transactions per month and our customers include the biggest digital currency exchanges and applications in the world.”
BitGo reported that Ripple is accelerating exchange adoption with a volume incentive which reduces or eliminates costs for an initial period. The company noted that the RCL has been processing and validating transactions on the network since 2013, closing a ledger every five seconds. BitGo went on to add:
“Ripple enables banks and payments businesses to settle cross-border payments in real time, with end-to-end transparency, and at a lower cost. XRP can be used as the primary transfer mechanism for institutions to further reduce costs, offer greater liquidity and provide access to new corridors. In fact, Ripple reports that businesses using XRP for liquidity between currencies can cut their settlement costs up to 60 percent and expand their reach into new markets.”
