Ripple Custody Adds Support for XRP Ledger Tokenization Features

Ripple Custody, a subsidiary of American fintech firm Ripple focused on the custody of its customers’ assets, has announced support for XRP Ledger tokenization features.

American fintech firm Ripple, through its subsidiary Ripple Custody, has announced support for XRP Ledger (XRPL) tokenization features, a move that will also involve XRP tokens and is expected to boost the adoption of the digital asset.

According to crypto lawyer Bill Morgan, who shared the news on X (formerly Twitter), businesses will be able to tokenize and manage various assets, including real-world assets (RWAs), cryptocurrencies, and fiat currencies, while also “facilitating digital asset issuance and secure transfers directly from its platform.”

“Ripple Custody, a subsidiary of Ripple focused on the custody of its customers' assets, has announced support for XRP Ledger tokenization features. These features will also involve XRP tokens, increasing the adoption of the digital asset.”

However, crypto investor Kashta questioned the benefit of XRPL’s integration into Ripple Custody, asking, “What’s the point of this?” Kashta also ridiculed Morgan for lowering the bar for XRP adoption to such a level that Ripple’s adoption of its own asset is considered a bullish event.

“This is getting out of hand. Even Kashta is surprised by Bill's standards for XRP adoption. Anything to keep the hopium flowing, I guess.”

It is also worth noting that the XRPL integration provides access to the XRPL’s native decentralized exchange (DEX) for “efficient, low-fee trading of any tokenized asset.”

As reported by Coin Edition earlier this month, Ripple is reportedly preparing to launch its own digital asset exchange in 2024, subject to favorable market conditions and regulatory approval.

The exchange will reportedly cater to both retail and institutional investors, offering a wide range of digital assets and advanced trading tools. Ripple is also said to be planning to launch a non-fungible token (NFT) marketplace on the XRPL.

Meanwhile, the XRP token continues to struggle to reclaim the $0.6 price level after falling from it in September. At the time of writing, XRP is trading at a price of $0.5467, down 6.52% in the past 30 days.

The digital asset has risen 1.70% in the past week and 0.02% in the last 24 hours. XRP is trading at a discount of 85.8% from its all-time high of $3.84 in 2018.

The seventh-largest digital asset has a market cap of $31 billion, and its trading volume has dropped 22.54% to $943 million in the past 24 hours.

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