Coinbase and Ripple are updating their crypto wallets and storage solutions after Plus Wallet launched a new token listing process which reduces the timeline from weeks to 15 mins. This move by the crypto wallet has aided the growing demand for more efficiency and speed amongst crypto users.
By allowing crypto companies to launch new projects at a faster rate, Plus Wallet has addressed the token listing bottleneck in the cryptocurrency market. This development aims to help crypto traders access opportunities at an enhanced speed which is ideal at this time when interests from institutional and retail investors have leaked. The rapid token listing will foster the development of more user-friendly and sophisticated tools.
According to data from CoinGecko, the global cryptocurrency market cap stood at $2.63 trillion as of October 15, 2024, with over 12,000 active cryptocurrencies. The sheer volume of tokens entering the market underscores the importance of Plus Wallet's innovation, which could potentially accelerate market growth and liquidity.
The crypto wallet's innovation is prompting Ripple to launch the Ripple Custody crypto storage solutions which will help fintech entities and banks to manage digital tokens in a secure way. This move signifies Ripple's expansion beyond its core XRP-based offerings and into the broader crypto custody space.
A report by Grand View Research projects the global crypto custody market to reach $1.9 billion by 2030, growing at a CAGR of 23.9% from 2023 to 2030. Ripple's entry into this space positions it to capitalize on this growing market segment.
Another key market player Coinbase is also ramping up its services following the rapid token listing announcement from Plus Wallet. Coinbase is launching Taproot Wallet which will support Bitcoin transactions by letting crypto users explore unique functionalities like Runes and Ordinals. This not just broadens Coinbase’s business scope it will also make way for more innovative uses within the Bitcoin ecosystem.
The integration of Taproot support aligns with the growing trend of Bitcoin's use beyond simple transactions. According to data from Dune Analytics, as of October 2024, over 50 million Ordinals have been inscribed on the Bitcoin blockchain, indicating significant user interest in these new functionalities.
Plus Wallet's 15-minute token listing feature along with the Coinbase Taproot Wallet and Ripple Custody collectively shows how the cryptocurrency market is changing as innovation, efficiency and speed take centre stage, making it more user-centric.