Ripple Expands Asset Custody, Offering ‘Banking’ Service for Crypto Companies

Date: 2024-10-11 Author: Oliver Abernathy Categories: BUSINESS
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The new features include integration with the XRP Ledger, whose developers helped found Ripple, as well as expanded liquidity through the provision of tokens on the XRPL and native decentralized exchange (DEX). This will allow companies to tokenize and manage real-world assets (RWAs) and other cryptocurrencies on the XRPL.

Ripple aims to bring “the benefits of bank-grade asset custody technology to fintech and crypto businesses.” The amount of crypto assets stored is expected to reach at least $16 trillion by 2030, with 10% of global GDP expected to be tokenized by that time. As a result, companies need secure, compliant, and flexible options for storing their crypto assets.

Last year, Ripple acquired Swiss asset storage provider Metaco for $250 million, and in February, it agreed to buy Standard Custody & Trust Co. XRPL’s XRP token rose 3.75% on Thursday, its biggest single-day gain since Sept. 29, according to Coindesk Indices. While the token has since corrected slightly, it’s still up more than 1.8% since midnight UTC, far outpacing the overall crypto market’s gain of just 0.2%, according to the CoinDesk 20 Index (CD20).
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