Ripple, a prominent blockchain startup, announced on Thursday the launch of new crypto custody services targeting banks and fintech firms. The San Francisco-based company is introducing a series of advanced features through its newly established Ripple Custody division. These enhancements, including seamless integration with the XRP Ledger and advanced monitoring systems for compliance, are set to empower financial institutions to securely manage and store digital assets for their clients.

This strategic move marks Ripple’s significant expansion beyond its core payment settlement business, encompassing RippleNet. As part of this venture, Ripple Custody aims to simplify operations and bolster security for digital transactions, enhancing user engagement with a new, more intuitive interface. The initiative positions Ripple as a formidable competitor in the crypto custody sector, challenging established players like Coinbase and Gemini.

With the crypto custody market poised to hit $16 trillion by 2030, Ripple’s foray into this field signals a strong commitment to leveraging blockchain technology for broader financial applications. The company’s recent acquisitions and robust customer growth underline its ambition to revolutionize digital asset management and further solidify its market presence.

CNBC

Thailand’s Securities and Exchange Commission is making significant strides in the cryptocurrency arena, proposing changes that would allow mutual and private funds to invest in crypto products like ETFs, particularly those traded in the U.S. The move, aimed at meeting the burgeoning interest from institutional investors, introduces guidelines allowing securities companies and asset management firms to cater to large investors with a variety of crypto-related offerings.

In a move to regulate and foster innovation, the SEC is also launching a Digital Asset Regulatory Sandbox, involving ten private firms in trial projects that could pave the way for crypto payments in Thailand. This initiative, coupled with the proposal to lift restrictions for institutional and high-net-worth investors on crypto exposure, marks a progressive step towards integrating digital assets into mainstream finance while ensuring robust regulatory oversight and investor protection.

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Payments to creditors of Mt. Gox will now take longer than previously expected. The deadline for the distribution of funds has been extended from Oct. 31, 2024, to October 31, 2025, due to the fact that a large deal of creditors still have not completed necessary proceedings to receive their dues. While some payments have been made, many others remain outstanding.

The extension, authorized by the court, aims to give creditors more time to sort through their claims.

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A new survey reveals a significant shift in hedge fund investments towards cryptocurrencies, with nearly half of traditional asset-focused funds now engaged in the digital asset class. This uptake, according to the Global Crypto Hedge Fund Report by the Alternative Investment Management Association and PwC, marks an increase from 29% in 2023 to 47% in 2024. Enhanced regulatory clarity and the introduction of exchange-traded funds (ETFs) in the U.S. and Asia have bolstered investor confidence, leading to a more diverse application of trading strategies, including a rise in derivative trading among these funds.

The report highlights a strategic evolution within hedge funds; 58% are now trading crypto derivatives, a significant jump from last year’s 38%. The decrease in direct token trading from 69% to 25% this year illustrates a shift towards more sophisticated investment methods. With crypto markets known for their volatility, hedge funds are capitalizing on the higher potential returns offered by these less efficient markets.

Despite a broadening interest, some hedge funds remain cautious, with 76% of non-investors likely to stay away over the next three years. However, for those invested, a robust 67% intend to maintain or increase their stakes in crypto, suggesting a strong, ongoing commitment to the asset class among leading financial players.

Bloomberg