Ripple, a leader in digital asset solutions, announced a strategic relationship with Futureverse, a well-known business in AI and metaverse technology, marking significant progress within the digital asset infrastructure and metaverse technology sectors.
The partnership intends to include Ripple Custody into Futureverse’s ecosystem, guaranteeing the safekeeping and administration of digital assets, especially in light of the rising need for institutional-grade, legally compliant custody solutions.
Plans to leverage Ripple to provide safekeeping of digital assets prior to their minting on Futureverse’s own Ottó blockchain have been revealed. Through the agreement, Futureverse will be able to give the Ottó blockchain a safe and legal environment for Know Your Customer (KYC) validated access to decentralized finance (DeFi).
This is a welcome move because the cryptocurrency custody industry is expected to grow quickly and reach around $10 trillion by 2030. The integration of Ripple custody is anticipated to address the necessity for reliable, safe, and legal digital asset storage systems that can handle a variety of digital assets, including stablecoins and tokenized real-world assets like stocks, bonds, commodities, and real estate.
1/ AI & Metaverse tech company @futureverse is partnering with Ripple Custody to securely custody its assets. Futureverse has already adopted the XRPL NFT standard, uses XRP as the gas token on the Root Network and is integrated with the XRPL DEX to supply network liquidity.…
— Ripple (@Ripple) September 3, 2024
Ripple Expands Its Front
Futureverse said that taking advantage of Ripple’s scalability and dependability was essential, as the market for cryptocurrency custody is expected to exceed $10 billion in the next six years. The AI company added that Ripple’s “state-of-the-art governance framework to safeguard a wide array of digital assets” was a factor in its decision.
According to Jeffrey McDonald, Chief Customer Officer of Futureverse, the firm chose Ripple because of its long-standing partnership with the payment giant and its generous capabilities. Notably, stablecoins are among the several cryptocurrencies that Ripple accepts. Additionally, it sends local fiat money to clients in more than 80 markets.
Beginning in 2023, Futureverse and Ripple have maintained a close partnership. In July, the blockchain payments company and 10T spearheaded a Series A campaign for Futureverse, raising $54 million from investors to support the company’s metaverse initiative.
More Partnerships Announced by Ripple
On Tuesday, Ripple revealed further collaborations in an effort to promote blockchain adoption throughout Asia. In particular, Yonsei University in South Korea is a partner of Ripple’s University Blockchain Research Initiative (UBRI).
As its 58th partner, Yonsei University ranks 12th in Asia. Ripple will provide funds to the university to encourage student use and integration of blockchain technology. The UBRI would finance the launch of an XRPL validator in the school and organize hackathons.
This partnership between Futureverse and Ripple demonstrates how digital asset management is still developing and how important safe, legal custody options are to the wider adoption of blockchain technology and digital assets. These kinds of agreements will become more crucial as the industry develops to guarantee the secure and effective operation of digital asset platforms.
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