Ripple Enhances Custody Service with XRP Ledger Integration, Boosting XRP by 3.75%

Ripple has just rolled out some exciting new features for its custody service. This company is well-known for its connection to the XRP token, which saw a nice boost of up to 3.75% on Thursday. That’s its biggest gain in nearly two weeks, according to Coindesk Indices.

The updates to Ripple's custody service aim to provide crypto businesses with top-notch security for their digital assets. One key addition is integration with the XRP Ledger. This is important because the same developers who created the Ledger also founded Ripple. With this integration, companies can access XRPL-based tokens and a native decentralized exchange (DEX). This means they can tokenize and manage real-world assets along with other cryptocurrencies.

Ripple’s goal is clear: they want to bring "bank-grade custody technology" to fintechs and crypto businesses. They mentioned that the total value of crypto assets held in custody could reach at least $16 trillion by 2030. Plus, they expect that 10% of the world’s GDP will be tokenized by then. This creates a strong demand for secure and flexible storage options for crypto.

Last year, Ripple made a significant move by acquiring the Swiss crypto custody provider Metaco for $250 million. They also agreed to buy Standard Custody & Trust Co. back in February.

As for XRP, it rose by 3.75% on Thursday, marking its most significant intraday gain since September 29. Even after a slight pullback, it remains over 1.8% higher since midnight UTC. This is a strong performance compared to the broader crypto market, which has only gained 0.2%, based on the CoinDesk 20 Index.