- Ripple introduces Ripple Custody to provide secure digital asset storage for banks and fintech businesses.
- The service integrates with Ripple’s blockchain platform and includes risk monitoring and policy settings.
- Ripple’s custody business sees 250% year-on-year growth, now operating in seven countries.
Ripple, a blockchain payments company, has announced the launch of its digital asset custody services, aimed at providing secure storage for banks and fintech companies. According to an October 10 report from CNBC, the new service, branded as Ripple Custody, will consolidate Ripple’s existing custody offerings under one platform.
The custody service integrates with Ripple’s XRP Ledger and features pre-configured operational and policy settings, Anti-Money Laundering risk monitoring, and a user-friendly interface. Ripple’s senior vice president of product, Aaron Slettehaugh, explained that these new tools allow fintech businesses to securely store and manage digital assets, expanding the company’s reach beyond its well-known payment settlement services.
Expanding into Digital Asset Custody
In addition to its widely used XRP asset and RippleNet platform, Ripple is diversifying into digital asset storage solutions. With the increasing demand from institutions for secure crypto storage, custody services are growing in importance. These services are crucial for safeguarding private keys, facilitating crypto trades, and ensuring compliance with digital asset regulations. Ripple’s new custody division, one of its fastest-growing arms, has seen significant success, experiencing 250% growth year-on-year and expanding its operations to seven countries.
Global Interest in Crypto Custody
The demand for digital asset custody extends beyond Ripple. Banks worldwide are increasingly exploring these services. In September, Standard Chartered began offering crypto custody in the United Arab Emirates, starting with Bitcoin and Ether. In Taiwan, the Financial Supervisory Commission (FSC) is set to accept applications for crypto custody services by 2025, with several private banks already showing interest in entering the sector.
Ripple’s move into digital asset custody aligns with a broader trend as financial institutions recognize the need for secure and compliant storage solutions for cryptocurrencies.
