Ripple launches crypto custody services for banks, diversifying beyond XRP.
Ripple Custody integrates with XRP Ledger, offering secure, scalable asset management.
The crypto custody market is forecast to hit $16 trillion by 2030.
Ripple makes a bullish announcement further fueling high expectations for XRP. The crypto and blockchain entity has just confirmed its launch of crypto custody services for banks, thereby expanding beyond its core payments business. Indeed, this is explosive news for Ripple as it showcases the project’s ability to go beyond its original portfolio of services.
Ripple’s Expansion Into the Crypto Custody Market
Taking the crypto market and the world by storm once again, Ripple announces its significant push into the crypto custody market by launching new services aimed at helping banks and fintech firms store digital assets. This marks a key step in Ripple's strategy to diversify beyond its well-known XRP cryptocurrency and payment platform, RippleNet.
In detail, the new services fall under Ripple's recently created Ripple Custody division, which provides features such as pre-configured operational settings, anti-money laundering risk monitoring, and user-friendly interfaces. Crypto custody, a rapidly growing sector within the digital asset space, plays a crucial role in safeguarding private keys and ensuring regulatory compliance.
Ripple Continues to Bolster XRPL Capabilities
Ripple’s move to consolidate its custody products under the Ripple Custody brand brings it into competition with established firms like Coinbase, Gemini, and Fireblocks. The company's new offerings also integrate with Ripple’s XRP Ledger, giving clients access to a decentralized exchange for faster, low-cost trading.
Ripple's expansion into custody services comes at a time when the market for securing and managing digital assets is projected to grow significantly, with forecasts reaching $16 trillion by 2030. The company has already seen 250% growth in customer numbers for Ripple Custody this year, operating in seven countries and serving prominent clients like HSBC and Societe Generale.
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