Ripple Prime to Move Post-Trade Activity to XRPL via NSCC Link

In another XRP news, Ripple Prime has gained fresh regulatory approval, which opens up access to massive institutional volume for the XRPL. This development comes through its acquisition of Hidden Road months ago.

Ripple Prime Taps NSCC For Settlement on XRP Ledger

The new brokerage arm of Ripple has now been included in the directory maintained by DTCC’s National Securities Clearing Corporation (NSCC). This move is intended to facilitate the transfer of considerable institutional post-trade volumes to the XRPL.

This comes after the acquisition of Hidden Road, which formerly processed $3 trillion annually for over 300 institutional clients. Ripple had earlier announced that the acquisition would enable Hidden Road to move its post-trade business to the XRP Ledger.

The firm, now known as Ripple Prime, is set to use the speed and cost benefits of the XRPL to change traditional financial institutions. Notably, the firm’s CTO, David Schwartz, reacted to the development, calling it “important.”

The new move is particularly important for the firm as it looks to tap into the institutional volume it is now seeing on its platform. For instance, just last month, French bank Societe Generale launched its euro stablecoin on the ledger. The plan would also allow for the integration of the token with Ripple products.

It was also reported that the XRP Ledger is set to add options trading for institutions on the platform. These moves open up a new array of capital for the ledger.

XRPL Devs Warn of Scam Attacks

Wietse Wind, a developer of the XRPL, recently raised an alert to the community about scams targeting wallet holders. In this type of scam, the scammer sends fake NFTs with the intention of making an offer to the unsuspecting victim in exchange for trading something in return.

According to reports, scammers have been preying on the offers that are made from wallets to acquire NFTs. They then duplicate and mint from another wallet to offer to unsuspecting users for sale.

Fake support is also identified as one of the more common forms of scams on the network. This has prompted major XRP Ledger upgrades. Support that is genuine in nature will not ask for seed phrases or to sign a transaction.

Wind advised holders to cancel these offers and not to engage in or accept them. This is not the first time in recent times that the Ripple coin wallet holders have been advised to be careful about scams.