Previously, we wrote several times that two topics are very popular among official crypto businesses: RWAs and Custody services. And now we will talk about the second one in detail again, as a new major player has arrived on the market.
Ripple Custody cryptocurrency storage service has been launched — the new business will primarily focus on working with banks and large companies that have an indirect relation to crypto.
Recall that just last week, The Bank of New York Mellon arrived in this market with $50 trillion in assets under its management. More specifically, custodial services will be provided for spot exchange-traded funds (ETFs) based on Bitcoin and Ethereum.
Bloomberg analysts note that such a move could jeopardize the dominant position of the Coinbase exchange, which acts as a custodian of most of these products in the U.S. market. This part of the business generates a significant part of the exchange’s operating profit, so the arrival of new major players is always an alarming signal.