Ripple, the company developing XRP, has launched a new feature for its growing custody division, Ripple Custody. The move enhances technology for both fintech and cryptocurrency customers as Ripple aims to position itself in the $16 trillion digital asset custody market expected by 2030 and drive Ripple Custody growth.
New features to help Ripple scale
Launched as a dedicated division of the company, Ripple Custody has introduced several upgrades to the platform. The update includes a new transaction screening service and more hardware security module (HSM) options. Ripple has also added integration with XRP Ledger (XRPL) to tokenize real-world assets (RWA). Additionally, the improved user interface aims to contribute to Ripple Custody Growth by improving the ease of use for institutions.
Ripple’s focus on cryptocurrency storage aligns with industry trends as more financial institutions pursue secure storage solutions for digital assets. By offering these new services, Ripple aims to serve banks and cryptocurrency companies that increasingly rely on secure and scalable digital asset storage and further drive Ripple Custody Growth.
Growing Market for Crypto Custody
According to a study by Boston Consulting Group, the value of stored cryptocurrency assets could reach $16 trillion by 2030. Ripple is leveraging these changes so that up to 10% of global GDP could be tokenized in the next few years. Through custody services.
Ripple Custody has already seen a 250% increase in new customer acquisition compared to the previous year. This rapid Ripple Custody Growth reflects a successful strategy. It operates in major financial markets including the United States, Switzerland, Germany, Singapore, and Hong Kong, targeting leading financial institutions such as BBVA Switzerland, Societe Generale—FORGE, DBS, and others.
Aaron Slettehaugh, SVP of Product at Ripple, highlighted the growing importance of custody in the digital asset space.
“Ripple’s custody technology is designed to meet the security and compliance standards expected by major financial institutions. The new features aim to expand our capabilities to better support the needs of high-growth cryptocurrency and fintech businesses.”
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Compliance and upcoming features
In addition to the new features already released, Ripple is preparing to introduce additional compliance integrations by December 2024 for a select group of customers, with a broader rollout planned for 2025. The company is also developing pre-configured policy frameworks that can be used. Early next year.
As more institutions turn to digital asset management solutions, Ripple’s latest move is well-placed to meet this growing demand. The company competes with other financial giants such as Standard Chartered, which recently launched a digital asset custody service in the UAE.
Competitive advantage in a growing sector
Ripple’s focus on improving custody services reflects the broader industry trend of financial institutions entering the cryptocurrency custody space, bolstering Ripple custody growth. For example, Taiwan’s Financial Supervisory Commission (FSC) plans to establish a sandbox for cryptocurrency custody services in early 2025, signaling growing interest in this area.
Ripple Custody’s new product sets the company apart. It aims to meet the specific needs of institutions seeking secure storage and management of digital assets. As demand grows, Ripple is positioned at the forefront of a market expected to see explosive growth.