Ripple, a leading U.S. blockchain startup, has launched a new crypto custody service aimed to serve banks and fintech firms by storing digital assets on behalf of their clients. This move marks a significant expansion of its offerings under the newly formed Ripple Custody division amid the on-going legal battle with the SEC.
🚨BREAKING: Ripple launches crypto storage services for banks in bid to diversifyhttps://t.co/7msZcrQW2h
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This project includes features such as pre-configured operational settings, integration with the XRP ledger, and anti-money laundering compliance monitoring. These enhancements are designed to help financial institutions securely manage digital assets for clients, positioning XRP against established competitors like Gemini and Coinbase.
Custody Market Growth
The crypto custody market is rapidly growing, projected to exceed $16 trillion by 2030. XRP’s custody services have seen over 250% year-over-year customer growth, with clients including HSBC, the Swiss arm of BBVA, Societe Generale and DBS. The company also plans to enable the tokenization of real-world assets through its XRP Ledger, facilitating easier trading without intermediaries.
Ripple’s Tokenization and Decentralized Exchange
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Ripple will allow customers to tokenize real-world assets, such as fiat currencies, commodities, and real estate, using XRP ledger. This integration provides access to XRP’s native decentralized exchange for fast, low-feed trading. Its acquisition of Metaco and Standard Custody & Trust Company significantly enhance its custody offerings by expanding its regulatory compliance and product capabilities.
“With new features, Ripple Custody is expanding its capabilities to better serve high-growth crypto and fintech businesses with secure and scalable digital asset custody,” Aaron Slettehaugh, senior vice president of product at XRP.
By diversifying beyond its core payment settlement business, Ripple aims to capitalize on the growing demand for secure and scalable digital assest custody solutions.
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