Ripple will expand the reach of its recently launched Ripple Custody platform to offer digital asset storage services for financial institutions.
The crypto firm’s leadership informed CNBC that its custody platform is experiencing rapid growth, with customer numbers increasing by over 250% year-over-year. Ripple Custody is now operational in more than 20 countries.
The new custodial services will involve integration with Ripple’s XRP Ledger blockchain platform, implementation of anti-money laundering measures, and a user-friendly interface. Additionally, customers can tokenize assets and trade them on XRP Ledger using the platform.
“Despite the hurdles Ripple has encountered in dealing with regulators in recent years, Ripple has maintained a focus on long-term goals,” said Joel Hugentobler, Cryptocurrency Analyst at Javelin Strategy & Research. “Rather than fixating on token valuation, they have continued to forge partnerships, engage in pilot initiatives related to CBDCs or tokenization, and persist with project development.”
Pressing Forward
Ripple is progressing after facing a series of high-profile legal disputes with the America Securities and Exchange Commission. The SEC initiated legal action against Ripple four years ago over its flagship XRP token, claiming it to be a security and accusing Ripple of acting as an unregistered securities broker.
A court ruled in favor of Ripple last year, marking a significant victory for the crypto industry. However, the SEC recently announced its decision to appeal the ruling. In response, Ripple declared that it will cross-appeal the case to proactively engage with the regulator.
Increasing Institutional Investment
While Ripple is at the forefront of these developments, the entire crypto and digital assets sector has come under scrutiny in America. Despite this, crypto and digital assets technologies have rapidly become pivotal innovations propelling the financial industry forward, and institutional investment is predicted to rise continuously.
“Through its initiatives, Ripple delivers tangible benefits to clients in both traditional finance and crypto-native sectors,” noted Hugentobler. “The digital asset sector evolves swiftly, and Ripple consistently proves its ability to lead by innovating and providing value.”
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Arwen Volkov, A graduate of the University of St. Gallen in Switzerland with a degree in International Finance, Arwen specializes in sustainable finance and green investments. She began her career at an investment bank in London, where she developed financing models for environmentally friendly projects. Known for her analytical and strategic thinking skills, Arwen is a sought-after financial consultant. In her spare time, she mentors fintech startups, contributing to their growth strategies. She is also a nature enthusiast and an amateur photographer.
