Ripple is expanding its digital asset storage and strengthening its presence in the growing custody market.
Blockchain payments company Ripple has launched a digital asset storage service for banks and fintech companies, offering services that go beyond payment solutions.
In its pitch, the company introduced new features to its Ripple Custody brand that offer digital asset storage and management to institutional clients, CNBC reported on October 10.
Ripple expands cryptocurrency custody services
Ripple’s new service uses the XRP Ledger blockchain platform with preconfigured operational settings, anti-money laundering risk monitoring, and a more simplified user interface.
This is an effort to strengthen Ripple’s position in the burgeoning cryptocurrency custody market seeking ways to securely store and manage digital assets.
The new feature adds to Ripple Custody’s ability to provide a scalable digital asset storage solution to fintech customers, said Aaron Threthoo, Ripple’s senior vice president of products. Ripple says its custody business has grown 250% annually and seven countries use its service.
The expansion is in line with broader industry trends, with banks such as Standard Chartered Bank and the Taiwan Financial Supervisory Commission beginning to consider digital asset custody services.
Standard Chartered in the UAE recently started offering custody services for Bitcoin and Ether, and Taiwan’s FSC is planning a crypto custody sandbox in early 2025. Several private banks in Taiwan have already expressed interest in entering the crypto custody space.
