Breaking: Ripple Launches Crypto Custody for Banks and Fintechs
Ripple has launched a crypto custody solution with features integrated into the XRP Ledger platform offering secure digital assets storage.
Crypto custody businesses is still nascent but fastly growing in the crypto space. Today, Coinbase serves some of the top clients like BlackRock to provide Bitcoin custody for the IBIT ETF. Now, traditional banking players are also entering this with BNY Mellon securing a custodial license last month.
Custodians are essential to the crypto market, providing secure storage for private keys. Beyond safeguarding crypto, custodians assist with payments, settlements, trading, and ensuring compliance with global regulations governing digital currencies.
The Boston Consultancy Group predicts the crypto custody market to surge to $16 trillion by 2030. Ripple believes that custody is the fastest-growing area with its custodial platform already seeing 250% consumer growth this year.
The Ripple custody operates in seven countries with top clients like HSBC, Societe Generale, the Swiss arm of BBVA, and DBS as clients.
Integration with XRP Ledger
Ripple is also betting on the real-world assets (RWA) tokenization market and stated that it would extend its custody services to tokenize different RWAs like fiat, gold, oil, and real estate, by using the XRP Ledger.
Ripple announced that integrating its XRP Ledger technology will provide companies access to its native decentralized exchange. Besides, it will also allow buyers and sellers to trade various digital assets directly, without intermediaries, enabling faster transactions with lower fees.
In order to boost its crypto custody business, Ripple has been making key acquisitions. Last year it acquired Metaco, a company specializing in crypto storage and management. This year, Ripple further expanded its efforts by acquiring Standard Custody & Trust Company, another crypto custody firm.
https://coingape.com/ripple-launches-crypto-custody-for-banks-and-fintechs