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Ripple Custody Empowers Fintechs: 96% of Institutions Demand Crypto Now

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Key Takeaways

  • Fintechs face a $20 trillion opportunity in crypto custody services.
  • 96% of institutions view digital assets as crucial for attracting new customers.
  • Secure, compliant custody solutions like Ripple Custody can address rising market demands.

Fintechs and neobanks have changed the face of financial services with digital wallets and real-time cross-border payments. With 10% of global assets to be digital by 2030, fintechs are now poised to grab a big opportunity: institutional digital asset custody.

This market, driven by institutional demand, is a $20 trillion opportunity. Ripple’s latest report shows how fintech can use digital asset custody infrastructure to build trust, enable use cases, and drive growth.

Unlike traditional providers, fintechs are agile and can rapidly deploy advanced solutions like multi-party computation and hardware security modules for private key management. These innovations ensure compliance and security across multiple portfolios, and fintechs are the only ones who can do this in this space.

Ripple Custody Meets Institutional and Retail Demands

The emergence of digital assets as a significant element in the financial landscape has led to unique requirements from both institutional and retail clients. Institutions focus on secure and compliant custody solutions that meet rigorous regulatory frameworks, whereas retail clients, especially in developing regions, desire intuitive interfaces, rapid transaction speeds, and access to liquid markets.

Ripple Custody offers a robust infrastructure designed to meet the needs of both client segments. With its adaptable deployment models, customizable control features, and tokenization capabilities, fintech companies can effectively address a wide range of client demands.

Ripple Custody’s flexibility enables diverse uses like crypto exchanges for institutions, tokenized resources, and collectibles within loyalty programs for consumers. This adaptability allows financial technology companies to broaden income avenues and craft novel solutions without developing costly proprietary custody platforms.

Ripple’s Infrastructure Fuels Growth in Digital Asset Services

Standing apart as a dependable, expansive solution already running in over two dozen regulatory domains, Ripple Custody empowers fintechs to react to shifting client demands. It guarantees the protection, conformance, and productivity of digital asset administration while saving the overhead of an internal solution. Compliant and scalable, Ripple Custody remains a go-to choice for fintechs aiming to efficiently and securely manage rapidly evolving digital assets.

As institutional interest propels market expansion and retail adoption rises, Ripple Custody equips fintechs with the necessary tools to position themselves as leaders in the crypto custody sector.

By implementing Ripple Custody, fintechs can tap into new revenue streams, enhance client confidence, and maintain a leading position in financial innovation. As digital assets continue to reshape the financial environment, fintechs are crucial in influencing the future of secure and compliant asset management.

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Is PayPal Under Threat from Fintech Startups?

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PayPal is an extremely popular payment service that has millions of users around the world. It offers a number of different benefits from convenience to security which is why it’s been popular for so long. It has remained to be a top choice in the industry. Especially when it comes to industries like online casinos and gaming. However as Fintech has evolved, so have the different options. The competition is always growing and evolving. So let’s take a look at whether these startups could be a threat to PayPal. 

The Rise of Fintech Startups

A fintech startup is a newly established company that uses technology to develop and deliver innovative financial services. Usually these companies offer financial services that are more accessible and convenient for users. The last couple of years have seen a rise in these companies, particularly in the online gambling industry. A lot of startups are standing out by differentiating themselves from traditional payment services like PayPal. They are offering lower fees and faster transaction speeds. A lot of startups will also offer exciting features that are very appealing to modern consumers. 

A lot of fintech startups have specialized and focused on providing payment services for smaller and more regular payers like for online casinos and gaming. This is an area that requires payment solutions that are fast, secure and easy to access. Along with PayPal, companies like Revolut, Square and Stripe are popular in the gambling industry. 

PayPal’s Role in Online Casinos

PayPal has always been popular with many online casinos accepting PayPal payments. It’s a company that has a reputation for reliability, security and is available worldwide. It’s a trusted choice for both players and operators. PayPal allows you to separate your budget from the rest of your funds. Which is great when it comes to responsible gambling. 

However even though its a popular payment method. It’s not always the most flexible or preferred option for online casinos. Which is why many online casino customers are opting for other payment methods. The company has policies in place regarding gambling-related transactions. Which can be restrictive for players. PayPal has been known to limit and even block transaction that involve gambling. Especially in regions where gambling regulations are unclear. While this isn’t all the time. It can be extremely inconvenient. Especially if funds are held for periods of time. Which is why many customers are opting for an alternative payment method that’s more flexible and compatible. 

The Threat from Alternative Payment Methods in Online Casinos 

As more payment methods become readily available in the world of online casinos. The more of a risk that other payment methods are going to be preferred over PayPal. One of the biggest risks to the payment method is cryptocurrency. Bitcoin and Ethereum have become more popular in the world of online gambling. Cryptocurrency payments come with a number of different benefits including enhanced security and anonymity that enhance the casino experience even more. Cryptocurrency users can often bypass the restrictions imposed by traditional financial institutions. However it’s important to note that regulations surrounding cryptocurrency can still change. 

Other payment services like Skrill and Neteller have also become strong competition for PayPal. These fintech companies offer digital wallets that cater to online casino users. Both offering lower transaction fees and faster payouts. Which are both attractive qualities to casino users. 

PayPal’s Response to the Growing Threat

Although competition in the fintech industry is growing. PayPal is growing too. The company is always evolving with the industry. Which is why it’s been able to stay relevant for so long in an industry that’s always changing. One way the company has been able to stay current is by integrating cryptocurrency services into its platform. This means users are able to buy, sell and hold cryptocurrency. The company is able to still compete with other companies. However PayPal has a competitive edge in this as most users will have experience with the company and already trust it. Therefore choosing it as a digital wallet for their cryptocurrency. 

Another way PayPal is staying current in the industry is with it’s “Buy Now, Pay Later” (BNPL) services. This provides even more options for users. Again while there are a number of companies that offer BNPL. PayPal is a trusted company, which many users already trust. 

Conclusion

While PayPal continues to remain a top player in the global digital payments market. PayPal is not in immediate danger of being dethroned. It’s clear that there is increasing competition for fintech startups. As a traditional payment method, PayPal is subject to follow certain regulations that other companies may not have to. However this isn’t necessarily a strength as regulations are constantly changing. The question is not if PayPal will face increased competition but how it will continue to evolve to meet the changing needs of its users. 

Ripple’s Custody Platform Upgraded: New Tools for Fintech and Crypto Firms

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  • Ripple launches new features under Ripple Custody to help banks and fintechs store digital tokens.
  • The upgrades include tools for security, compliance, and tokenization of real-world assets.
  • It supports XRP Ledger tokenization and is gaining significant customer growth globally.

Ripple has unveiled a series of new features aimed at bolstering its Ripple Custody platform, marking a notable expansion into crypto custody services. With the growing demand for secure and compliant ways to manage digital assets, the new updates target both fintech and crypto-native businesses.

Among the recently added are transaction screening services, additional security options, and even an XRP Ledger for tokenizing real-world assets. Crypto custody services range from ultra-cold storage to advanced, multi-authorization wallet management solutions, as more companies jump into the digital asset economy.

The updates to Ripple Custody are cut out for institutional demands in secure storing, transferring, and managing of tokenized assets. The blockchain platform is “bank-grade” in design, the company said, for the highest degree of global financial institution trust.

Enhancements Target Security and Tokenization

This is about offering integrations like AWS CloudHSM that can grant customers greater flexibility around managing security. Secondly, it provides pre-configured operational and policy frameworks with the intention to make it easy with regard to onboarding.

It is also going to give businesses the capability of deploying Ripple Custody with much ease to ensure that businesses can scale out easily without getting bothered by technical difficulties. Another high point is the XRP Ledger integration, which allows for easy tokenization and management of various assets, both cryptocurrencies and fiat currencies.

This opens new avenues for companies that want to unlock liquidity by trading on XRPL’s decentralized exchange at minimal cost. Compliance, however, is not the least of the things being looked at, with the company continuing to add the services of Elliptic transaction screening for real-time risk detection and further building trust.

Ripple Custody Rises with 250% Growth

Ripple Custody is one of the fastest-growing custodial platforms, experiencing 250% year-over-year customer growth. Its solutions are already live in some of the most important financial hubs, including Switzerland, the U.S., and Singapore. Top-tier clients like BBVA Switzerland and Societe Generale – FORGE already trust Ripple Custody for their secure digital asset management.

Later, the company is planning full compliance integrations to take place throughout December 2024, with broader availability in early 2025. Such efforts put the company in the leading position of digital assets companies and contribute a lot to the development of tokenized finance.

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Ripple Unveils Powerful Crypto Custody for 250+ Fintech Clients

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  • Ripple Labs is launching a new crypto custody service, expanding beyond its traditional cross-border payments into secure digital asset management for fintech firms.
  • Ripple Custody offers secure storage solutions with AML tools and tokenization features, positioning Ripple to capitalize on a $16 trillion market by 2030.
  • Customer growth for Ripple Custody surged 250% year-over-year, with major institutions like HSBC and DBS already using the service, reflecting increased institutional demand.

Ripple Labs, known for its innovations in cross-border payments, is expanding its horizons. The San Francisco-based firm is launching a new crypto custody service, Ripple Custody, marking a major shift in its business model. This strategic move signals the firm’s intention to diversify beyond its well-established XRP cryptocurrency and RippleNet payment network.

According to CNBC, Ripple’s new service aims to help fintech companies, including banks, store digital assets for their clients. This custody solution comes with features such as pre-configured security settings, anti-money laundering (AML) monitoring tools, and a user-friendly interface. These tools aim to simplify crypto management, making it easier for institutions to securely manage digital assets.

Ripple Custody focuses on securing private keys—critical elements in controlling digital assets. The service is built to meet global regulatory standards, ensuring that it complies with the strict security and legal frameworks required by institutional clients. This shift demonstrates the firm’s ambition to expand its business beyond payment settlements, venturing into a market set to see substantial growth.

The global crypto custody market is expected to reach $16 trillion by 2030, highlighting the potential for the new service’s growth. This move positions the firm to capitalize on the increasing demand for secure crypto storage solutions.

Tokenizing Real-World Assets on Ripple’s XRP Ledger

Beyond secure storage, the new service offers clients the ability to tokenize real-world assets like fiat currencies and commodities on the XRP Ledger. This gives users access to a decentralized exchange (DEX) with low-fee trading options, further enhancing the value proposition of the firm’s new service.

The firm’s foray into custody is bolstered by its acquisitions of Metaco and Standard Custody & Trust Company, strengthening its expertise and infrastructure in the digital asset custody space. These acquisitions provide the firm with the necessary tools and partnerships to support the growing demand for custody services from institutions.

Customer growth for the new service has surged by 250% year-over-year, with major players like HSBC and DBS already utilizing the service. This growth reflects the rising need for secure, institutional-grade crypto custody solutions.

Ripple’s bold step into crypto custody is a sign of the times. As the digital asset space grows, securing those assets will become paramount, and the firm is positioning itself at the forefront of that evolution.

Nigerian Fintech Startup Cleva Raises $1.5 Million To Expand Its Banking Platform In Africa

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Cleva, a Nigerian fintech startup that aims to make international payments easy and accessible, has secured $1.5 million in a pre-seed funding round led by 1984 Ventures, a U.S.-based venture capital firm that has backed companies like Stripe and Airbnb. The Raba Partnership, Byld Ventures, Firstcheck Africa, and various angel investors also joined the funding round.

Cleva was founded by Tolu Alabi and Philip Abel, two Nigerian entrepreneurs with banking and fintech backgrounds. Alabi is the CEO of Cleva, while Abel is the co-founder and chief technology officer. According to a Techcrunch report, Alabi and Abel have experience building banking products at Stripe, a leading online payment platform that operates in over 40 countries.

The team is uniquely qualified to address this given their experience building banking products at Stripe and robust platforms at AWS. The impressive early growth is a testament to the team’s unique capacity to execute across Africa and the U.S., said Aaron Michel, a partner at 1984 Ventures.

Cleva’s Impact In Nigeria

Nigeria is one of the largest markets for fintech startups in Africa, with over 230 million people using digital services such as mobile money, e-commerce, and online banking. However, there are still many challenges facing the fintech sector in Nigeria, such as low financial inclusion, high transaction costs, regulatory uncertainty, and cyber security risks.

One of these challenges is cross-border payments, which account for about 80% of Nigeria’s total remittances.  According to World Bank data, Nigeria received $18 billion worth of remittances from its diaspora living abroad. However, most of these remittances are sent through expensive and inefficient channels such as banks or informal agents.

Cleva aims to solve this problem by offering a fast, cheap, secure, and convenient way for individuals and businesses to receive international payments through its banking platform. Since its launch in July 2023, Cleva has helped thousands of Nigerians open U.S.-based accounts without any paperwork or verification.

Cleva claims that it has achieved a 100% month-on-month revenue growth since its inception. It also boasts that it has partnered with several banks, such as Access Bank, Zenith Bank, and GTBank. Alabi told Techcrunch that Cleva’s vision is to become “the ultimate destination for all cross-border payments” in Africa.

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Ripple & XRP Lead Mexico’s Fintech Revolution

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The Central Bank of Mexico has recently made a significant move by exploring the potential of Ripple-affiliated XRP as the intermediary platform connecting the Mexican peso [MXN] and the US dollar. This strategic decision, disclosed through an excerpt from an official document on the Bank of Mexico’s website, signals a crucial step towards enhancing XRP’s global presence. The initiative is part of Ripple’s innovative ODL [On-Demand Liquidity] solution, which utilizes XRP for facilitating cross-border Treasury flows. In this role, XRP is poised to establish itself as a pivotal component of the world’s reserve currencies.

Ripple
Ripple & XRP Lead Mexico's Fintech Revolution 2

A reserve currency, fundamentally, is a universally accepted form of money that is held by governments and institutions. It serves a multitude of purposes, functioning as a medium for international trade, and investments, and acting as a safeguard against economic uncertainties. Traditionally, the US dollar has held the status as the dominant reserve currency, a position it has maintained for decades.

However, the dynamics of the international financial arena are set to undergo a profound transformation. The emergence of cryptocurrencies, with XRP at the forefront, is challenging the status quo. XRP’s unique attributes, coupled with the unwavering support from Ripple, position it as a formidable contender for becoming the world’s reserve currency.

Ripple-XRP ODL Taste Success In Cross-Border Transactions

Ripple’s ODL Solution, driven by XRP, has established a prominent position in cross-border transactions. It prides itself on delivering efficiency, speed, and cost-effectiveness, making it an appealing choice for financial institutions aiming to optimize their global operations.

The blockchain company based in San Francisco has strategically established partnerships with global financial institutions like banks, to facilitate effortless cross-border payments and remittances through XRP. The Ripple ODL initiative is gaining substantial momentum in Mexico. In March, Bitso, the country’s leading cryptocurrency exchange, reported a remarkable surge in cross-border transactions between the United States and Mexico, exceeding $3 billion in 2022 alone.

This figure represents more than triple the volume recorded in 2021, marking a new record. According to the statement released by Bitso during that period, international transfers conducted through their platform primarily involved stablecoins and cryptocurrencies such as XRP. The seamless flow of funds across borders has been made possible through these partnerships, reflecting the growing success of Ripple’s ODL initiative in revolutionizing cross-border financial transactions, particularly between the United States and Mexico.

Ripple Secures Coveted Spot On 2023 Fintech 100 List for Cross-Border Payment Innovation

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Ripple, a prominent player in the fintech industry, has secured a coveted spot on the prestigious Fintech 100 list for 2023, according to an announcement by CBInsights. This remarkable achievement underscores Its pivotal role in revolutionizing cross-border payments by integrating cutting-edge technologies, including blockchain and its native digital asset, XRP.

Monica Long, the President of Ripple, expressed her deep sense of honor upon receiving this recognition. She acknowledged the tireless efforts of the company’s team and emphasized the company’s outstanding accomplishments throughout 2023. 

Long’s statement underlined the resilience and maturity of the company’s business operations, solidifying its position as a leader in the fintech sector. This recognition reaffirms the company’s pioneering initiatives utilizing digital currencies and assets within financial services.

Ripple’s Technology Draws Interest

Meanwhile, during a recent interview, Paul Zalai, Director of the Australian Freight & Trade Alliance (FTA), hinted at a possible collaboration with the company. While acknowledging his own limited understanding of blockchain technology, Zalai mentioned that his son had invested in the company (possibly referring to XRP) and spoke highly of the company.

YouTube video

Zalai disclosed that Ripple Labs had initially approached the FTA when their legal battle with the SEC was ongoing. However, the FTA suggested Ripple return after regulatory matters were resolved. With the favorable outcome of the U.S. court case, the company once again approached the FTA, and Zalai stated that it would now evaluate its offerings and potentially promote them to its members.

Praising Ripple’s technology, Zalai noted its capacity to facilitate real-time cross-border payments and robust security measures. He also mentioned a keen interest among major banks during a meeting in Australia.

As Australia’s leading body in the international supply chain sector, the FTA represents a diverse range of stakeholders and plays a crucial role in shaping the nation’s trade landscape.

Despite its legal challenges with the SEC, Ripple continues progressing in the global payment ecosystem. The company recently obtained a full license to offer digital payment services in Singapore, signaling its commitment to expansion and diversification.

While an official partnership between Ripple and the FTA has yet to be confirmed, Zalai’s remarks highlight the growing recognition of Ripple’s technology for efficient and transparent cross-border transactions. Future collaborations and developments in this regard are eagerly anticipated.

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PayPal Expands Fintech Prowness With An Exclusive Crypto Hub

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In a bold move, fintech giant PayPal has expanded its cryptocurrency offerings by introducing a specialized hub for its exclusive clientele. This groundbreaking feature, embedded within its updated terms and conditions, empowers users to engage in activities like purchasing, selling, receiving, and sending Crypto Assets.

This encompasses various transactions, including cases where the profits from crypto asset sales are utilized to cover payments through PayPal, and for seamless conversion between the recently launched PYUSD token, a dollar-backed stablecoin, and other virtual assets.

The payment firm has elaborated on this concept, stating, “Any balance in your Cryptocurrencies Hub represents your ownership of the amount of each Crypto Asset shown. You will not hold the digital Crypto Assets themselves in your Crypto Asset balance.”

Currently, this service is accessible to users who maintain a healthy balance in their PayPal accounts. Additionally, the firm will verify essential identification details such as name, physical address, birth date, and taxpayer identification number provided by users. There’s also the possibility of requesting biometric data to ensure identity.

For some uses of your Cryptocurrencies Hub, we may request that you provide a picture of your face or other biometric information for identity verification purposes. If required, we will offer you an alternative to providing biometric information.

According to TronWeekly‘s report, the digital payment juggernaut garnered attention with the launch of its proprietary stablecoin, PayPal USD [PYUSD], following an extensive two-year development and evaluation period.

PayPal Native Stablecoin

This stablecoin is pegged to the U.S. dollar and grants users the ability to buy, sell, hold, and transfer it seamlessly on the PayPal platform. PYUSD boasts features like online shopping akin to conventional dollars or credit cards, as well as fee-free token transfers.

PayPal’s presence in the cryptocurrency landscape isn’t novel. It had already allowed customers to hold prominent cryptocurrencies including Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. Notably, the payment service provider disclosed in the first quarter of the current year that it held a cryptocurrency portfolio worth nearly $1 billion for its patrons. Beyond this, PayPal has strategically invested in blockchain startups and actively supported the migration to web3 technology.

FTX Lawyers Launch Legal Action Against Bankman-Fried Over Alleged ‘Worthless’ Fintech

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The group in charge of managing the bankruptcy proceedings of FTX, along with Alameda Research and more than 100 other affiliated companies linked to Sam Bankman-Fried’s unsuccessful business empire, have filed a lawsuit against the former CEO of FTX, Gary Wang, co-founder of FTX, and former senior executive Nishad Singh. The lawsuit alleges that the defendants made an excessively expensive acquisition shortly before the collapse of the exchange.

FTX’s present management has lodged a lawsuit in the U.S. Bankruptcy Court for the District of Delaware, alleging that Bankman-Fried and other executives were aware of Alameda Research’s insolvency when they completed a deal worth around $250 million to acquire the stock clearing platform Embed.

According to the lawsuit, it is alleged that Bankman-Fried and other individuals deliberately utilized fraudulent funds obtained from FTX customers for Alameda’s purchase of the company. Additionally, apart from pursuing legal action against former FTX/Alameda executives, separate lawsuits aim to recover funds from Michael Giles, the founder and former CEO of Embed, as well as early investors who sold their shares to Bankman-Fried and his associates.

This includes Propel Venture Partners, a venture capital firm that has supported various prominent tech startups such as Coinbase and Docusign. In contrast to Bankman-Fried and the others, Giles and the shareholders of Embed, who are mentioned in a separate lawsuit, are not facing accusations of criminal misconduct.

Legal representatives representing the collapsed FTX cryptocurrency empire are seeking to recover funds based on the argument that Alameda was already insolvent when the deal was finalized in late September. They contend that Alameda, along with West Realm Shires, a sister company also under Bankman-Fried’s control, paid an inflated price for acquiring Embed. These lawsuits are an effort to optimize the repayment to the creditors of FTX and Alameda within the context of the bankruptcy proceedings.

FTX Deal Gone Wrong

In addition to the criminal charges brought by U.S. prosecutors, which include allegations of fraud and self-dealing using customer funds, FTX’s bankruptcy overseers are also accusing Bankman-Fried and his associates of engaging in a disastrous deal. Lawyers representing FTX in the bankruptcy proceedings had put Embed up for auction, but they now claim that the platform’s value is significantly lower compared to the price paid by Bankman-Fried and his associates.

Internal messages quoted in the filing reveal that on June 27, while the acquisition had been agreed upon but not yet finalized, two senior employees acknowledged the “Embed platform’s inability to handle approximately 600 new user accounts” as part of the gradual release of FTX Stocks. This discrepancy is noteworthy as the release plan had outlined Embed’s capacity to handle 10,000 new accounts.

According to the filing, the company’s assets amounted to approximately $37 million, and it generated a profit of $25,000 as of March 31, 2022.

In addition, the company provided a $55 million retention bonus to the founder and CEO of Embed, who is mentioned in a separate lawsuit along with other equity holders who sold their shares to Alameda. This bonus was structured to be paid in five installments starting from September 30, 2022, and it did not necessitate the founder’s continued involvement with the company beyond the completion of the deal.

“They performed almost no due diligence on Embed and accepted the significant terms proposed by Giles, Embed’s founder, CEO, and sole representative during the negotiation, who personally received approximately $157 million in connection with the acquisition,” FTX bankruptcy lawyers argue.

According to FTX’s lawyers, attempts to sell the company shortly after acquiring Embed have proven unsuccessful as there is no interest from potential buyers to acquire it at a price even remotely close to what Bankman-Fried and other parties initially paid for it.

XRP-Based ODL Expands Its Use Case In Philippines’ Largest Fintech

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Ripple’s ODL Solution which leverages XRP for cross-border treasury flows, would be now utilized for scaling up the internal treasury management in Philippines’ largest non-bank remittance firm, I-Remit.

This isn’t the first time for the domestic fintech as it has been an early adopter of ODL and was using the blockchain-enabled enterprise solution to clear cross-border payments in real-time and cost-effectively into the Philippines.

In order to provide rapid and inexpensive settlement without the need to hold pre-funded money in a destination market, On-Demand Liquidity, or ODL, leverages XRP, the digital currency created for payments as a bridge between two fiat currencies, as stated in the press release.

But in this case, it would be used to accelerate I-Remit’s internal payout capabilities, instead of relying on outdated infrastructure.

By leveraging ODL for treasury payments, I-Remit is now able to get 24/7, all-year-round access to liquidity for their funding requirements, thereby enabling same-day settlement globally. Having eliminated the need to pre-fund destination accounts over several days, I-Remit can now channel these funds to scale the business operations of its overseas subsidiaries and support its partners.

The latest expansion has put I-Remit in the league of companies such as FOMO Pay, Novatti, FlashFX, Tranglo, SBI Remit, Pyypl.

First High-profile Game On XRP Ledger Announced

Just yesterday, one of XRP ledger’s top projects, the onXRP modular ecosystem, inked a deal with Ripple, Armiin van Buuren’s music label, Armada, and Styngr simultaneously with the launch of its highly anticipated free-to-play battle royale game Maladroids.

The in-game radio will be combined with a playlist prepared by top electronic dance music artists including Tom Staar and Kryder, both of whom are on the Armada label, thanks to the collaboration of onXRP’s new partners.

According to Styngr, who revealed the partnership’s specifics, the musicians would create two new songs each month just for Maladroids. Additionally, as part of the collaboration, NFT audio will be made available.

It is the first play-to-win multiplayer game project built on the XRP blockchain.

Meanwhile, the token’s price rallied by over 13% in just a few hours, making it the biggest gainer among the top 10 crypto assets in the backdrop of Ripple‘s legal win prospects.