One of the major contributors to the advancement of blockchain in cross-border payments, Ripple has extended its belief to expand its newly formed custody division towards the growing custody market.
Under this expansion, Ripple intends to offer features such as pre-configured operational and policy settings, streamlining implementation, and reducing setup complexity.
Additionally, seamless integration with Ripple’s XRP Ledger platform boosts transaction efficiency and speed. To ensure regulatory compliance, advanced anti-money laundering (AML) monitoring tools are also available, enabling institutions to effectively mitigate risks.
Ripple began its expansion with the acquisition of Metaco a crypto custodian in 2023 for $230million followed by the Acquisition of Standard Custody and Trust Company in 2024. With back-to-back expansion, it is now serving leading banks such as DBS & HSBC and others with its operations in seven nations worldwide.
Earlier in 2023, Ripple acquired Fortress Blockchain Technologies and SimpleHoney in April 2013, as per Crunchbase. It also holds investments in 37 companies and is a lead investor in 11 firms.
Ripple announced on October 1, 2024, that it had received in-principle approval from the Dubai Financial Services Authority (DFSA) to expand its services in the United Arab Emirates (UAE); enabling Ripple to offer its cross-border payment in the UAE.
On October 3, Ripple announced it had collaborated with Mercado Bitcoin exchange to expand its dominance over the global payments network.
The alliance aims to foster cross-border payments based on blockchain technology mainly in Brazil helping the business to make payment processing faster, more efficient, and cost-effective.
On October 08 in Juniper Research’s 2024 Future Digital Awards for Fintech & Payments Ripple was named a Platinum Winner for Best Cross-Border Payments Platform.
The information was posted by X account of Ripple quoting “We’re pleased to announce that Ripple has been named a Platinum Winner in Best Cross-Border Payments Platform by @juniperresearch’s Future Digital Awards for Fintech & Payments 2024!”
After the firm received awards market spectators praised the achievements terming the company to have high potential and establishing milestones in cross-border payments.
Furthermore, Ripple is planning to launch its own stablecoin in the coming time; however, the exact date of the launch is not clarified yet.
While discussing with media personnel, Monica Long, the president of Ripple, asserted that “ The stablecoin ‘RLUSD’ will debut in the market by the end of this year; the regulatory clearance is awaited.”
She further clarified that the stablecoin launch will not harm the market share/position of XRP in payments in any context.
XRP Price Updates
As of writing, XRP was trading at $0.5351 surging 3.89% in the past seven days; although in the past 30 days, it highest traded at $0.6622 and its trading price was $0.5101 with an average trading volume of $1.04 billion with an surge of 20%.
The nearest visible resistance of XRP is $0.6550 followed by the next resistance of $0.6933 and its initial support is $0.5310 followed by $0.4927. From the maximum supply of 99.99B XRP, roughly 56.65B XRP are in circulation which means 57 percent.
XRP has a market capitalization of $30.39B making it the seventh most significant among all cryptocurrencies and 7th in trading volume also.
