Futureverse selects Ripple Custody for digital asset security

New Zealand-based artificial intelligence (AI) and metaverse technology company, Futureverse, has announced that it will utilise Ripple Custody to securely manage its digital assets. According to a recent statement, Futureverse's cryptocurrencies will be received and stored using Ripple Custody before being minted on its proprietary Ott blockchain.

The announcement comes as the crypto custody market is forecasted to reach close to USD $10 trillion by 2030. This trend underscores the increasing demand for secure and compliant institutional-grade custody solutions. Ripple Custody aims to meet this demand with a single platform and a sophisticated governance framework that secures a diverse range of digital assets including stablecoins and tokenised real-world assets such as stocks, bonds, commodities, and real estate.

Ripple and Futureverse have both been active members of the XRP Ledger (XRPL) community. Futureverse has embraced the XRPL NFT standard, taking advantage of the network's low transaction fees and high throughput capabilities. Additionally, Futureverse uses XRP as the network gas token and integrates with the XRPL decentralised exchange (DEX) to supply network liquidity.

Jeffrey McDonald, Founder of the Ott Blockchain and Chief Customer Officer of Futureverse, explained the rationale behind the integration. "The integration of Ripple Custody is driven by Ripple's industry-leading security features and capabilities that bolster the security of our customers' digital assets," he said. "Our longstanding relationship with Ripple, along with their industry-leading product features, made Ripple Custody the ideal solution as we continue to build in the AI and metaverse technology space."

Ripple's product offerings extend beyond custody. The company provides an array of services including secure storage of cryptocurrencies and digital assets, off-ramping of stablecoins, and payouts in local fiat currencies across more than 80 markets. These solutions are tailored to help businesses scale without compromising on security, compliance, or operational efficiency.

Fiona Murray, Managing Director of APAC at Ripple, highlighted the importance of security and compliance in the digital asset space. "We believe that security and compliance are foundational to the success of any digital asset platform," said Murray. "Our continued collaboration with Futureverse underscores Ripple's dedication to supporting Web3 projects and communities with secure and scalable custody solutions."

In addition to their technological synergies, Ripple has also financially invested in Futureverse. In 2023, Ripple participated in Futureverse's USD $54 million Series A funding round, which was led by 10T Holdings. This financial backing further solidifies the partnership between the two companies.

This strategic collaboration aims to bolster the security of digital assets within the growing AI and metaverse sectors, bridging traditional financial frameworks with the evolving world of Web3 applications.