San Francisco-based firm Ripple Labs is launching a new crypto custody service, diversifying its business from cross-border settlements into custody.
CNBC reports today that Ripple has launched a new service to help fintech companies, including banks, store digital assets on behalf of their clients. This move is part of the company’s expansion into the crypto custody sector under its subsidiary, Ripple Custody.
Through its Ripple Custody division, the San Francisco-based company is rolling out features designed to streamline crypto management.
These include pre-configured security settings, anti-money laundering (AML) monitoring tools, and a user-friendly interface, all aimed at providing seamless custody solutions. This strategic move allows Ripple—already known for its XRP cryptocurrency and RippleNet payment network—to diversify its offerings beyond payment settlements.
Ripple Custody is built to secure the private keys associated with digital assets while adhering to global regulatory standards, ensuring a compliant and secure environment for institutional clients.
The broader crypto custody market is forecasted to experience exponential growth, potentially reaching $16 trillion by 2030. Additionally, Ripple’s new services will enable clients to tokenize real-world assets like fiat currencies and commodities on the XRP Ledger, granting them access to a decentralized exchange (DEX) with low-fee trading options.
Ripple Custody has already seen substantial traction, with customer growth surging over 250% year-over-year. Ripple Custody counts HSBC and DBS among its clients.
This expansion is further supported by Ripple’s strategic acquisitions of Metaco and Standard Custody & Trust Company, bolstering the company’s expertise and infrastructure in digital asset custody.
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Source: https://thecryptobasic.com/2024/10/10/ripple-launches-new-crypto-custody-service-for-banks-and-fintech-companies/?utm_source=rss&utm_medium=rss&utm_campaign=ripple-launches-new-crypto-custody-service-for-banks-and-fintech-companies