- Ripple is unveiling new features to position its custody service among industry giants like Coinbase and Gemini.
- Ripple Custody is reported to be posting a growth of 250% this year from the previous year, thanks to clients like HSBC, Societe Generale, and DBS.
San Francisco-based company Ripple (XRP) recently announced the launch of its crypto custody solution to enable banks and financial technologies (Fintechs) to store digital assets for clients. According to the latest report, Ripple is introducing new features, including “pre-configured operational and policy settings” and a fresh user interface for seamless engagement. Coupled with that, the Ripple custody would be integrated into the XRP Ledger (XRPL) with a specific feature to monitor anti-money laundering risk.
Analyzing a CNBC report on this, we discovered that this initiative would enable Ripple to diversify beyond its usual payment settlement services. It is also important to note that Custody is one of the fastest-growing spaces within the digital asset industry. According to a report by Boston Consulting Group (BCG), the crypto custody market will reach $16 trillion by 2030.
Meanwhile, Ripple Custody is recording more than 250% customer growth year-over-year with the likes of HSBC, Societe Generale, and DBS as clients. Based on our research, the latest development is Ripple’s maiden move to consolidate its custody products under one brand. This implies that Ripple would be positioned among several heavyweight companies (Coinbase, Gemini, and Fireblocks) that provide similar services and products.
Custodians usually engage in several roles, including the safeguarding of users’ private keys required to access digital assets. Other reports also explain that the Ripple Custody services would go the extra mile to help with payments and settlements, trading, as well as the enhancement of regulatory compliance. Meanwhile, its XRPL integration would create the avenue to make its native decentralized exchange accessible to firms.
The senior vice president of products at Ripple Aaron Slettehaugh commented on this:
With new features, Ripple Custody is expanding its capabilities to better serve high-growth crypto and fintech businesses with secure and scalable digital asset custody.
Previous Efforts in this Space
Ripple’s effort to boost its crypto custody services is evident in its acquisition of Metaco, a company that enables entities to store and manage their cryptos. According to our publication, this initiative received massive support from the Ripple community, with a community member, Chad Steingraber, claiming that “Ripple is now a complete Digital Asset Custody Service.”
Doubling down its effort, the company also acquired another custody firm, Standard Custody & Trust Company, this year. Interestingly, this incredible development comes after CNF announced that Fintech company Monerex was bringing the first Web 3.0 bank to the XRPL. Drawing insight from that publication, Monerex’s collaboration with XRPL would enable the project to leverage the remarkable scalability and the fast settlement time of the blockchain.
Web 3.0 banking prioritizes security through immutable, cryptographic transactions, safeguarding users’ assets and data. Cryptographic techniques, such as public-key cryptography and hash functions, ensure the integrity and confidentiality of transactions. Immutable ledgers prevent tampering and revision, providing an auditable record of all transactions.
Amid the backdrop of this, XRP has declined by 0.58% in the last 24 hours to trade at $0.529.
