As a seasoned crypto investor with years of experience navigating the dynamic landscape of digital assets, I find the expansion of Ripple Custody to be a promising development. Having witnessed the growth and maturation of the industry, it’s evident that custody solutions are becoming increasingly crucial for both traditional financial institutions and crypto-native players.
Ripple, the organization responsible for XRP, has declared the rollout of multiple innovative functions and enhancements for their Ripple Custody service. Their objective is to refine their digital asset custody technology, catering to both fintech and cryptocurrency users.
Crypto safekeeping is a fresh field for this organization, which has focused its resources more effectively following the debut of its Ripple Custody department.
Expansion of Ripple Custody
The newest version now offers features such as incorporating a transaction verification service, expanding the selection of Hardware Security Modules (HSMs), linking with XRP Ledger for tokenizing real-world assets, providing pre-set policy templates, and enhancing the platform’s ease of use and visual appeal.
Ripple points out that custody plays a crucial role in the growing digital asset sector. A forecast indicates that the worth of these crypto assets held in custody could surpass $16 trillion by 2030, while it’s predicted that around 10% of global GDP will be digitally represented, based on a recent study done by Boston Consulting Group and private market exchange ADDX.
In the face of projected expansion in custody services, a blockchain firm based in San Francisco has made substantial strides with Ripple Custody, its own service. This year-on-year, their new customer base has soared by an impressive 250%. This service is now accessible in prominent financial markets worldwide, such as Switzerland, Germany, France, the UK, the US, Singapore, and Hong Kong.
At the moment, Ripple Custody serves a variety of prominent banks, financial entities, and digital currency firms globally, including BBVA Switzerland, Societe Generale – FORGE, DBS, RULEMATCH, Archax, Futureverse, along with several others.
Weighing on the launch, Aaron Slettehaugh, SVP of Product at Ripple, commented,
Ripple’s custody technology provides a unified solution for securing and managing digital assets, built using the robust security and compliance measures that major banks and financial organizations trust. Ripple Custody is enhancing its offerings to cater more effectively to rapidly expanding crypto and fintech companies, offering secure and scalable digital asset storage.
In December 2024, we’ll release the upcoming compliance integrations to a select number of customers. A full launch is planned for early 2025. On the other hand, pre-set policies will become available to everyone early in the next year.
Increased Demand for Custody Offerings
In recent times, there’s been a growing trend among financial institutions offering safekeeping services for cryptocurrencies due to rising demand. This week, Taiwan’s Financial Supervisory Commission (FSC) has unveiled plans to create a trial environment, or sandbox, specifically for crypto custody services, with the application process slated to start in Q1 of 2025.
Previously mentioned, it’s been noted that three private banks in Taiwan have expressed their intention towards this up-and-coming industry.
As an analyst, I am sharing that I recently joined Standard Chartered in their digital journey by launching crypto custody services within the United Arab Emirates. Our initial focus is on Bitcoin, following the acquisition of a license from the Dubai Financial Services Authority.
Read More
- W PREDICTION. W cryptocurrency
- PENDLE PREDICTION. PENDLE cryptocurrency
- AAVE PREDICTION. AAVE cryptocurrency
- ZETA PREDICTION. ZETA cryptocurrency
- FutureNet Co-Founder Roman Ziemian Arrested in Montenegro Over $21M Theft
- AEVO PREDICTION. AEVO cryptocurrency
- NFT PREDICTION. NFT cryptocurrency
- FOX PREDICTION. FOX cryptocurrency
- BRG PREDICTION. BRG cryptocurrency
- HIFI PREDICTION. HIFI cryptocurrency
2024-10-10 21:30