Ripple Launches New Crypto Custody Services for Banks and Fintech
Ripple Expands Offerings with New Crypto Custody Services for Banks
Ripple, the leading provider of digital assets, has introduced new crypto custody services aimed at helping banks and fintech firms securely store digital assets. This marks a significant expansion of Ripple's services beyond its primary payment settlement business.
Ripple’s new custody services fall under the newly established Ripple Custody division. This move is designed to meet the increasing institutional demand for secure and scalable digital asset storage solutions. Ripple Custody has seen impressive growth, with a 250% year-over-year increase in customers.
It currently operates in seven countries and serves major financial institutions, including HSBC, BBVA’s Swiss arm, and DBS Bank. The key features of Ripply crypto custody services are as follows:
Integration with XRP Ledger (XRPL): Provides access to a native decentralized exchange for faster and lower-fee trading without intermediaries.
Pre-configured Operational and Policy Settings: Facilitates easy integration and compliance.
Anti-Money Laundering (AML) Monitoring: Ensures regulatory compliance and security.
Ripple Bets on Tokenization of Real-World Assets (RWAs)
Ripple is capitalizing on the growing trend of tokenizing real-world assets (RWAs), which allows assets like fiat currencies, commodities, and real estate to be traded as digital tokens. The integration with the XRP Ledger will enable banks and fintech firms to tokenize and manage these assets securely.
Ripple’s entry into the crypto custody market, projected to reach $16 trillion by 2030, is bolstered by strategic acquisitions. In 2023, Ripple acquired Metaco, a firm specializing in crypto storage solutions for institutions. This year, Ripple further strengthened its custody offering by acquiring Standard Custody & Trust Company, a New York-based crypto custody firm.
Global Expansion and Regulatory Compliance
Ripple Custody's services are designed to cater to high-growth crypto and fintech businesses, offering scalable solutions for digital asset custody. According to Aaron Slettehaugh, Senior Vice President of Product at Ripple, the new features expand Ripple Custody’s capabilities to better serve its clients.
As institutions increasingly invest in digital assets, the demand for secure and compliant custody services is rising. Ripple Custody is well-positioned to meet this demand, providing advanced solutions for storing and managing digital assets.
Also Read: Bitget Token Listing Rules and Regulations Tightened Further
