tl;dr
Ripple has launched a crypto custody service integrated into the XRP Ledger platform, aiming to compete with established players like Coinbase and Gemini. The service will allow banks and fintech firms to securely store digital assets and tokenize real-world assets like gold and real estate. Ripple'...
Ripple has launched a crypto custody service integrated into the XRP Ledger platform, aiming to compete with established players like Coinbase and Gemini. The service will allow banks and fintech firms to securely store digital assets and tokenize real-world assets like gold and real estate. Ripple's custody solution meets regulatory requirements and is expanding its capabilities to serve high-growth crypto and fintech businesses. The company is also integrating its custody services with the XRP Ledger to tokenize various real-world assets and provide access to its decentralized exchange. Ripple's custody platform already operates in seven countries with top clients like HSBC, Societe Generale, BBVA, and DBS.
Ripple, the San Francisco-based blockchain startup, has launched its crypto custody solution for several banks and fintech players to store digital assets on behalf of their clients. This development comes as the Federal Reserve has been cracking down on several traditional banks offering custodial services to crypto firms. The custody solution allows clients to securely store digital assets following regulatory compliance. Ripple has ensured that it meets all regulatory requirements in this process, pre-configuring operational and policy settings along with integrating with the Ripple XRP Ledger blockchain platform. The crypto custody platform will also monitor anti-money laundering risks and introduce a new user-friendly and engaging interface to maintain compliance.
Ripple believes that custody is the fastest-growing area, with its custodial platform already seeing 250% consumer growth this year. It also extends its custody services to tokenize different real-world assets like fiat, gold, oil, and real estate, by using the XRP Ledger. The integration of the XRP Ledger technology will provide companies access to its native decentralized exchange. To bolster its crypto custody business, Ripple has made key acquisitions, including the acquisition of Metaco, a company specializing in crypto storage and management, and Standard Custody & Trust Company, another crypto custody firm.
Today's announcement is one of the first measures by the blockchain startup to consolidate its crypto custody services under its newly formed brand of Ripple custody while taking on the competition head-on with existing players like Coinbase and Gemini. The crypto custody market is predicted to surge to $16 trillion by 2030, and Ripple believes that it is well-positioned to capitalize on this growth, already operating in seven countries and serving top clients like HSBC, Societe Generale, the Swiss arm of BBVA, and DBS.
As the crypto custody market continues to evolve, Ripple's introduction of its innovative custody and tokenization solutions reflects its proactive approach to meet the demands of the fast-growing crypto and fintech industries.
More about Banco De Chile
Banco De Chile, Banco de Chile, provides banking and financial products and services to clients in Chile. The company is headquartered in Santiago, Chile.
Industry: FINANCE, COMMERCIAL BANKS
NEC: 12207905000
Open: 8.08
Close: 8.08
Change: 2.99
Volume: 5702.8
Dividend: 0.485
Market Cap: 2880381125000
PE Ratio: 25.65
EPS: -0.027
ROI: -0.007