Ripple expands digital asset storage, strengthening its presence in the growing custody market.
Ripple, a blockchain payments company, has unveiled digital asset storage services for banks and fintech firms, providing services that extend beyond payment solutions.
In its pitching, the company has introduced new features in its Ripple Custody brand to provide digital asset storage and management for institutional clients, CNBC reported on October 10.
Ripple Expands Crypto Custody Services
Ripple’s new services use its XRP Ledger blockchain platform, which has pre-configured operational settings, anti-money laundering risk monitoring, and a more simplified user interface.
It is an initiative to strengthen Ripple’s status in the booming crypto custody market that is clamoring for secure ways of storing and managing digital assets.
According to Ripple’s senior vice president of product, Aaron Slettehaugh, the new features add to Ripple Custody’s capabilities to provide fintech clients with scalable digital asset storage solutions. The custody business grew 250 percent yearly, Ripple said, with seven countries picking up this offering.
The expansion follows a wider industry trend, with banks such as Standard Chartered and Taiwan’s Financial Supervisory Commission starting to explore digital asset custody services.
The UAE’s Standard Chartered has recently started providing Bitcoin and Ether custody services, and Taiwan’s FSC is planning a crypto custody sandbox in early 2025. Several private banks in Taiwan are already interested in entering the crypto custody space.