Digital asset custody market to reach $16 trillion, Ripple continues to expand custody services

Blockchain payment company Ripple has announced the launch of a new feature called Ripple Custody, bringing custody technology advantages to fintech companies and cryptocurrency-native enterprises. Ripple believes that custody is a key entry point for the digital asset economy, with clients including BBVA Switzerland, the subsidiary of Crédit Agricole FORGE, and DBS Bank.

Custody is the Key Entry Point for the Digital Asset Economy

Ripple believes that custody is the key entry point for the digital asset economy, and the market continues to grow. By 2030, the amount of crypto assets under custody is expected to reach $16 trillion, with 10% of global GDP being tokenized.

According to their press release, Ripple Custody has seen a 250% annual increase in new customers, showing strong growth. Their solution is available in Switzerland, Germany, France, the UK, the US, Singapore, and Hong Kong. Clients include BBVA Switzerland, FORGE (a subsidiary of Crédit Agricole), DBS Bank, RULEMATCH, Archax, Futureverse, and more.

Ripple Custody Services

Ripple Custody offers a comprehensive custody platform that allows enterprises to tokenize and manage various assets, including cryptocurrencies, fiat currencies, and real-world assets, while facilitating the issuance of digital assets and secure transfers directly from their platform. This integration also provides seamless access to the XRPL native decentralized exchange (DEX) for efficient, low-cost trading of any tokenized asset. Its features include:

• AWS CloudHSM: Ripple Custody offers customers the option to use Hardware Security Modules (HSM) on their AWS cloud, simplifying the onboarding and deployment experience
• Pre-configured operations and policy framework on the platform
• Integration with XRPL
• Compliance integration: Newly integrated with blockchain analytics firm Elliptic's transaction screening service to help customers monitor transactions in real-time, assess risks, and make decisions based on defined risk strategies

Ripple Continues to Expand Services Despite Ongoing SEC Lawsuit

While Ripple's years-long lawsuit with the U.S. Securities and Exchange Commission (SEC) continues, their actions in the crypto industry and payment sector have not ceased. Ripple, in addition to hoping to resume cooperation with U.S. financial institution clients, allowing them to confidently resume using Ripple's ODL service, has acquired Fortress Trust, adding 8 state money transfer licenses.

Ripple is also actively expanding internationally, with partnerships established for their CBDC platform with Palau, Bhutan, and Montenegro.

In August, Ripple announced that they have begun testing the newly launched over-collateralized stablecoin, Ripple USD (RLUSD), on the XRP Ledger (XRPL) and Ethereum mainnet, with plans to use it alongside XRP as a cross-border payment solution in the future.