- Ripple’s new custody services offer banks secure digital asset storage, integrating with the XRP Ledger for fast, low-fee transactions.
- Ripple Custody monitors AML risks, ensuring regulatory compliance while facilitating digital asset management for fintech firms globally.
- Ripple’s custody expansion includes tokenizing real-world assets like gold, tradable on its decentralized exchange via the XRP Ledger.
Ripple has launched a new set of crypto custody services, targeting banks and fintech companies according to reports by CNBC.
Known for its XRP cryptocurrency and payment platform, Ripple is now offering solutions to help institutions store and manage digital assets on behalf of their clients. The newly introduced services fall under the company’s Ripple Custody division and are aimed at capitalizing on the growing demand for secure and scalable digital asset storage.
Crypto Custody Division Unveils New Services
Ripple’s newly formed Ripple Custody division is at the center of its latest push into the crypto space. The company is introducing features such as pre-configured operational settings and policy tools to streamline asset management for banks and fintech companies.
Additionally, the services are integrated with Ripple’s XRP Ledger platform, which supports fast, low-fee digital transactions. Notably, Ripple Custody will monitor anti-money laundering risks to ensure regulatory compliance, addressing a key concern for institutional clients. The updated user interface is designed to be more intuitive, making it easier for businesses to manage digital assets.
Positioning Amid Growing Custody Market
The digital asset custody market is expanding rapidly, with a forecast to reach $16 trillion by 2030. Ripple is entering a competitive space that already includes established companies like Coinbase and Fireblocks. Custodians play a vital role in safeguarding private keys, which are required for accessing and authorizing digital asset transactions.
Beyond storage, custodians also facilitate payments, settlements, and regulatory compliance. Ripple Custody has seen notable growth, reporting a 250% increase in customers year-over-year and operating across seven countries. High-profile clients include HSBC, DBS, and BBVA’s Swiss arm.
Integration With XRP Ledger and Real-World Tokenization
In addition to traditional custody services, Ripple is allowing its clients to tokenize real-world assets, such as fiat currencies and commodities like gold. These assets will be tradable on Ripple’s native decentralized exchange via the XRP Ledger.
The integration with Ripple’s blockchain technology aims to simplify the process of trading tokenized assets without involving intermediaries. Ripple’s acquisition of Metaco and Standard Custody & Trust Company in recent years highlights the company’s ambition to grow its crypto custody business further.
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