- Ripple introduces new features in order to better position itself among industry giants, such as Coinbase or Gemini.
- Ripple Custody reportedly posted a 25% growth this year compared with the previous one, thanks in part to clients such as HSBC Societe Generale DBS.
San Francisco based company Ripple (XRP) Recently, the company announced that it had launched a crypto custody solution for banks and Fintechs to allow them to safely store clients’ digital assets. Ripple has introduced new features according to the most recent report. “pre-configured operational and policy settings” A new user interface will allow for a seamless interaction. In addition, Ripple’s custody will be integrated with the XRP Ledger with a feature that monitors anti-money laundering risks.
CNBC: How to analyze it report We discovered, based on our research that Ripple could diversify its services beyond the usual settlement of payments. Custody, too, is one of digital assets’ fastest growing areas. A report from Boston Consulting Group predicts that the market for crypto custody will be worth $16 trillion in 2030.
Ripple Custody has seen a 250% increase in customers year over year, with clients such as HSBC and DBS. According to our research, Ripple is consolidating its custody products into one brand. Ripple is positioned to compete with other heavyweights (Coinbase Gemini Fireblocks), which provide similar services.
Custodians typically perform several tasks, such as safeguarding the users’ keys to their digital assets. Ripple custody services will also help to improve regulatory compliance, payments and settlements as well trading. XRPL would also allow firms to access its decentralized native exchange through its integration.
Aaron Slettehaugh is the senior vice president for products at Ripple.
Ripple is expanding their capabilities with new features. They are able to serve crypto-fintech companies that have high growth rates by providing them with safe and scalable digital assets custody.
Previous efforts in this space
Ripple’s desire to enhance its crypto custody service is apparent in its purchase of Metaco. Metaco allows companies to store and handle their cryptocurrency. As per our publicationThe Ripple Community has shown massive support for this project. According to Chad Steingraber of the community, “Ripple is now a complete Digital Asset Custody Service.”
Doubling down its effort, the company also acquired another custody firm, Standard Custody & Trust Company, this year. This incredible event comes just after CNF announced Monerex Fintech was bringing a Web 3.0 Bank to the XRPL. Monerex and XRPL’s partnership was based on the publication. This collaboration would allow the project to take advantage of blockchain’s scalability, as well as its fast settlement times.
Web 3.0 banking places a high priority on security, ensuring the safety of data and assets. Public-key cryptography, hash functions and other techniques such as these ensure that transactions are secure and confidential. Immutable databases prevent revisions and tampering, allowing for a full audit of transactions.
XRP’s value has fallen by 0.58% In the past 24 hours, it has traded at $0.529.
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Source: www.crypto-news-flash.com
