Ripple CTO Commented On Plans To Enter The Custody Market

  cryptonews.net 17 h

Denis Goncharenko

Ripple CTO David Schwartz spoke about Ripple’s strategic initiative to enter the $10 trillion custody market.

According to Schwartz, this is being aligned with Ripple’s acquisition of Metaco, a firm specializing in custodial services, as well as a partnership with global banking giant HSBC. Ripple acquired Metaco in May 2023: it was the company’s largest acquisition, valued at a quarter of a billion dollars.

David Schwartz said that the decision to delve into the custodial space was driven by the need for a comprehensive solution in Ripple’s desire to become a “one-stop shop” for institutional adoption of crypto. He emphasized the importance of creating a single solution that includes access to the XRP Ledger, tokenization and payments, and noted that a secure custody solution is a critical component of this visionary approach.

“By adding custody, that’s going to make Ripple the leading enterprise solution provider in the space,” Schwartz said, noting the importance of the custody market, and predicting it will reach $10 trillion by 2030.

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