New York, Friday, October 11, 2024- Digital asset infrastructure provider Ripple said it had introduced new functionalities to its custody service, aiming to deliver “bank-grade” security to cryptocurrency firms.
These enhancements include integration with the XRP Ledger (XRPL), offering companies expanded liquidity and the ability to tokenize real-world assets (RWAs).
The XRP token surged by 3.75% on Thursday, marking its largest gain since September 29, according to CoinDesk Indices.
The upgraded custody service features XRPL’s decentralized exchange (DEX), allowing businesses to manage various cryptocurrencies and tokenized assets securely.
Ripple stated that the demand for crypto custody solutions is expected to grow significantly, with estimates that over $16 trillion in digital assets will require custodial services by 2030.
Ripple’s continued expansion in the custody market comes after its $250 million acquisition of Metaco, a Swiss-based crypto custody provider, and its purchase of Standard Custody & Trust Co. earlier this year.
Ripple, known for its association with the XRP token, has been actively expanding its services in the crypto space, particularly following the SEC’s legal battle with the company.
Ripple’s push into custody services aligns with the increasing institutional demand for secure and compliant crypto storage solutions. As global interest in tokenization grows, Ripple aims to position itself at the forefront of this shift, leveraging its robust infrastructure to offer trusted services for fintechs and crypto businesses alike.
