Leading payment infrastructure provider, Ripple has launched a new initiative that will support banks and fintechs to easily store digital assets. The firm made the announcement on Thursday through an official post on its X (formerly Twitter) account.
In the statement, Ripple discussed how the project is an attempt to further expose cryptocurrency to mainstream adopters. More so, the company is confident that the project will contribute to the advancement of the digital assets sector as it will attract new investors.
Some of the newly launched features include pre-configured operational and policy settings. Likewise, the features are integrated with the Ripple XRP Ledger blockchain to help monitor anti-money laundering shortcomings to ensure regulatory compliance.
Insight into the Core Offerings of Ripple Custody
In addition, the firm also released a new interface to ensure an interactive user experience, maintain accessibility, and easy navigation across the platform. Meanwhile, the launching of the initiative is also a push by Ripple to expand into custody services.
It is worth mentioning that virtual assets custody services became an important business for the firm after it launched the Ripple Custody division. The move will now aid Ripple in augmenting its offerings beyond its core payment-processing business.
While venturing into asset custody, Ripple discussed how the sector is one of the fastest-growing investment zones for the firm. According to the Boston Consulting Group, the digital assets custody sector is predicted to hit at least $16 trillion by 2030.
Consequently, Ripple Custody is also posting a customer growth of more than 250% YoY growth in 2024 and functioning in seven countries. As part of its plans, the startup will allow its clients to tokenize real-world assets like fiats, gold, oil, and real estate among many others through the XRP Ledger.
The firm indicated that the integration with its XRP Ledger will allow its customers to access its native decentralized exchanges which will aid them in finding buyers and sellers without relying on a middleman.
Sidenote
Similarly, the recent development underlines the effort of Ripple to combine all its services under a brand, Ripple Custody. By that, the firm will compete for market share with firms like Coinbase, Gemini, and Fireblocks.
Before now, the firm is popular for its XRP token and the controversial lawsuit with the United States Securities and Exchange Commission (SEC). Also, the U.S.-based start-up is the firm behind the RippleNet; a blockchain-powered messaging outlet that allows banks to communicate the movement of funds across a global and distributed network.
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