Ripple Launches Custody Service to Compete in Growing Crypto Market
10.10.2024 21:00 1 min. read Alexander Zdravkov
Ripple, based in San Francisco, has launched a crypto custody service for banks and fintech firms, coinciding with increased Federal Reserve scrutiny on traditional banks offering crypto custodial solutions.
This new service aims to help clients securely manage digital assets while ensuring compliance with regulatory standards.
By introducing Ripple Custody, the company seeks to compete with established players like Coinbase and Gemini in the rapidly growing crypto custody sector, which the Boston Consultancy Group projects could reach $16 trillion by 2030.
Ripple has already seen a 250% rise in consumer interest this year.
Additionally, Ripple plans to expand its custody services to tokenize real-world assets, such as fiat, gold, oil, and real estate, leveraging its XRP Ledger for direct trading without intermediaries.
The firm has also strengthened its position through acquisitions, including Metaco and Standard Custody & Trust Company.
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