- Ripple, a provider of digital asset infrastructure, has introduced new functionality to its custody serviceThe company is associated with the XRP token, which rose as much as 3.75% Thursday, its biggest intraday gain in almost two weeks, Coindesk Indices data show.
As a seasoned analyst with over two decades of experience in the financial sector, I find Ripple’s latest move to enhance its custody service intriguing. The integration of XRP Ledger and the provision of a native DEX is a strategic step towards tapping into the growing demand for secure, compliant, and flexible crypto storage solutions.Ripple, the company that builds technology for handling digital assets, enhanced its safekeeping service to give cryptocurrency businesses access to top-tier, bank-like security solutions for their digital assets.
The latest updates incorporate linkage with the XRP Ledger, originally developed by the team that later established Ripple. This connection enhances liquidity via the issuance of tokens based on the XRP Ledger and a built-in decentralized exchange (DEX). This feature could empower businesses to tokenize and handle real-world assets, along with other cryptocurrencies, all within the XRP Ledger ecosystem.
Ripple intends to deliver “bank-level security technology for fintech firms and digital currency businesses,” according to a statement made on Thursday. The value of cryptocurrency assets that will be stored is projected to surpass $16 trillion by 2030, with an additional prediction that 10% of the global GDP will be tokenized during the same period. Consequently, companies require secure, compliant, and adaptable storage solutions for their digital currencies.
Last year, the company acquired a Swiss cryptocurrency custody provider, Metaco, for approximately $250 million. In February, they also agreed on a purchase of Standard Custody & Trust Co.
On Thursdays, XRP, the native token of the XRPL platform, experienced its largest single-day increase since September 29, climbing up to 3.75%. However, later in the day, it slightly retreated. Despite this pullback, it still managed to rise by more than 1.8% from midnight UTC, outperforming the overall crypto market significantly. While the broader crypto market has only gained a modest 0.2%, as indicated by the CoinDesk 20 Index (CD20).
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2024-10-10 17:37