Ripple partners with Futureverse

This integration is aimed at enhancing the security of Futureverse’s digital assets. Futureverse plans to offer secure and compliant Know Your Customer (KYC) verified access to decentralised finance (DeFi) through its Ottó blockchain. By leveraging the capabilities of Ripple Custody, cryptocurrencies will be securely stored and transferred before being minted on the blockchain.

The importance of crypto custody solutions

According to the official press release, as the crypto custody market is projected to reach nearly USD 10 trillion by 2030, the need for secure, compliant solutions has become increasingly critical. Ripple Custody is designed to meet institutional requirements, offering governance frameworks that ensure the protection of a variety of digital assets, including stablecoins and tokenized real-world assets like stocks and bonds. This solution is expected to help institutions and businesses manage digital assets securely within the evolving Web3 environment. 

Officials from Futureverse emphasised the importance of security in the partnership and noted that the longstanding relationship between Futureverse and Ripple played a key role in choosing Ripple Custody for their platform. In addition to custody services, Ripple provides a range of other solutions designed for businesses in the digital economy. These include secure storage, stablecoin off-ramping, and payout services in local currencies across more than 80 markets, all designed to maintain high standards of security and compliance. 

Representatives from Ripple highlighted the company’s focus on security and described the partnership with Futureverse as a reflection of their commitment to supporting Web3 projects with secure custody solutions. 

Both Ripple and Futureverse are active participants in the XRP Ledger (XRPL) community. Futureverse has adopted the XRPL NFT standard, benefiting from the network’s low transaction fees and high capacity for transactions. The company also uses XRP as the gas token for the network and integrates with XRPL’s decentralized exchange to manage liquidity. In 2023, Ripple invested in Futureverse’s USD 54 million Series A funding round, led by 10T Holdings.