Important points
- Ripple Custody provides banks with crypto storage with advanced security and policy settings.
- The service integrates with the XRP Ledger to enhance trading and compliance capabilities.
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According to a new report from CNBC, Ripple is rolling out a new suite of crypto storage services designed to help banks and fintech companies securely store and manage their crypto assets. This initiative is part of Ripple's strategy to diversify its services beyond traditional payment operations.
While discussing the latest developments, Ripple's Senior Vice President of Products, Aaron Threathoe, said that the goal is to support the growing needs of companies operating in the cryptocurrency and fintech space.
“The new features will enable Ripple Custody to expand its capabilities and better serve high-growth crypto and fintech businesses with secure and scalable storage of digital assets,” Threthoo said. said.
Ripple says the new features include a more user-friendly interface for storing and managing digital assets. The service also includes advanced operational and policy configuration, integration with the XRP Ledger, and enhanced anti-money laundering monitoring to ensure compliance.
The company plans to enable clients to tokenize real-world assets using the XRP Ledger under the Ripple Custody brand.
Ripple Custody operates in multiple countries and is trusted by some of the top companies including HSBC, BBVA, Societe Generale, and DBS. Ripple said the number of customers in its custody division increased by more than 250% year-over-year.
Ripple's expansion into the custody space follows the acquisitions of Metaco and Standard Custody and Trust Company, aimed at strengthening Ripple's custody capabilities.
This expansion positions Ripple to compete with incumbents in the crypto custody market, which is expected to exceed $16 trillion by 2030. Ripple custody will directly compete with established custody solutions from Coinbase, BitGo, and Gemini.
Ripple is preparing to enter the stablecoin market with its upcoming stablecoin, Ripple USD (RLUSD). RLUSD is in beta testing and trials are being conducted on the XRP Ledger and Ethereum blockchains.
Similar to the custody move, Ripple faces challenges in entering a crowded stablecoin market dominated by established players. RLUSD has potential, but will need to differentiate itself from existing services to gain traction.
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