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Cryptocurrency News Articles
Ripple Expands Custody Business to Offer 'Bank-Grade' Service to Crypto Firms
Oct 10, 2024 at 10:01 pm
The new features could allow companies to tokenize and manage real-world assets as well as other cryptocurrencies on XRPL.
Crypto custody provider Ripple has expanded the capabilities of its service to offer crypto businesses “bank-grade” technology for securing digital assets.
The new features include integration with the XRP Ledger, expanding liquidity through the provision of XRPL-based tokens and a native decentralized exchange (DEX). This will allow companies to tokenize and manage real-world assets (RWAs) and other cryptocurrencies on XRPL.
CoinDesk covered this story earlier Thursday. Here's more on the new custody service from the press release:
"The amount of crypto assets custodied is expected to reach at least $16T by 2030 and, moreover, 10% of the world’s GDP is expected to be tokenized by 2030. As such, companies need secure, compliant and flexible options to store their crypto."
The company also highlighted its recent acquisitions in the crypto custody space, including the $250 million purchase of Swiss crypto custodian Metaco last year and an agreement to buy Standard Custody & Trust Co. in February.
XRPL's native token, XRP, rose as much as 3.75% on Thursday, marking its biggest intraday gain since Sept. 29, according to CoinDesk Indices. The token later pared some gains but remained over 1.8% higher since midnight UTC, outpacing the broader crypto market, which gained 0.2% over the same period, as measured by the CoinDesk 20 Index (CD20).
Read More: Ripple Partners With Brazilian Exchange Mercado Bitcoin to Offer Business-Focused Payments Solution
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