XRP has been added to the crypto brokerage service provided by Paxos, expanding the digital asset's distribution through regulated infrastructure. Paxos announced the integration on Oct. 7, noting that financial platforms utilizing its technology can now support the token.
The brokerage service covers buying, selling, holding, deposits, and withdrawals for XRP. In its announcement, Paxos highlighted the asset's market capitalization of nearly $95 billion and cited XRP holdings across more than 8.1 million wallets.
Paxos operates as a regulated back end for several major financial institutions, including PayPal, Venmo, Interactive Brokers, Charles Schwab, and Mercado Libre. According to statements from the XRP Ledger Foundation, partners can integrate the new offering through the Paxos Crypto Brokerage platform, though each individual financial business ultimately determines its own customer-facing product offerings and supported currencies.
The underlying infrastructure combines order execution, liquidity connections, and custody solutions. For example, during Charles Schwab's retail cryptocurrency rollout, Paxos handled transaction execution and sub-custody, while Charles Schwab Premier Bank managed primary custody and record-keeping.
Paxos operates under a national trust bank charter following conditional approval from the Office of the Comptroller of the Currency (OCC). The company has also expanded its technical capabilities through the acquisition of wallet technology company Fordefi and has continued to broaden its supported asset list as part of its brokerage expansion strategy.
