XRP to be Adopted By Big Global Banks as Ripple Eyes Growing $16 Trillion Custody Market
In a significant move to bolster its position in the digital asset infrastructure space, Ripple has announced a major expansion of its custody services.
The San Francisco-based blockchain company unveiled a suite of new features for Ripple Custody on Wednesday. The features aim to provide bank-grade tools to fintech and crypto-native businesses.
This move comes just days after Swift, the global financial messaging system, announced plans to support regulated digital assets in its global payment services. While Swifts announcement didnt specifically mention XRP, it has generated speculation about which digital assets might be included and highlights the growing integration of blockchain technology in traditional finance.
Aaron Slettehaugh, SVP of Product at Ripple, emphasized the platforms security and compliance standards, stating in the announcement, Ripples custody technology offers a single platform for safeguarding and managing digital assets, designed with the security and compliance standards that top global banks and financial institutions have come to rely on.
Notably, the enhanced Ripple Custody now includes several key features designed to meet the growing demands of the digital asset economy. Among these are integration with the XRP Ledger (XRPL) for tokenizing real-world assets, new hardware security module (HSM) options, pre-configured policy frameworks, and improved user interface and usability.
One of the standout additions is the XRPL integration, which enables businesses to tokenize and manage a wide range of assets, including cryptocurrencies, fiat currencies, and real-world assets. This feature also provides access to XRPLs native decentralized exchange (DEX), facilitating efficient, low-fee trading of tokenized assets.
In a move to strengthen compliance measures, Ripple revealed it has also partnered with Elliptic to integrate transaction screening services. This integration aims to help customers monitor transactions in real time, assess risks, and make decisions based on defined risk policies to meet regulatory requirements.
Meanwhile, the expansion comes at a time of significant growth for Ripple Custody, with the company reporting a 250% year-over-year increase in new customers. Ripple Custody now serves top-tier banks, financial institutions, and crypto businesses across major global financial markets, including Switzerland, Germany, France, the United Kingdom, the United States, Singapore, and Hong Kong.
Monica Long, Ripples CEO, highlighted the platforms enterprise-grade capabilities in a tweet: Ripple Custody is the de facto tech used by the biggest banks in the world, including DBS, SocGenFORGE, and BBVA.
Now, were adding pre-configured operational & policy frameworks, additional HSM options, XRPL fungible token support, and compliance services via elliptic bringing this enterprise-grade product to crypto businesses. She added.
That said, the latest move now positions Ripple to capitalize on the growing custody market, which is expected to reach at least $16 trillion by 2030, according to industry projections. With 10% of the worlds GDP anticipated to be tokenized by the same year, Ripples expanded custody services aim to provide the secure, compliant, and flexible options needed to store and manage crypto assets.
Text source: ZyCrypto
