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Fintech giant Ripple has entered crypto custody in a big way, announcing a new service aimed at helping banks and financial technology companies store digital assets on behalf of their customers, according to CNBC.
Ripple plans to introduce a number of features to allow banks and fintech customers to hold and maintain digital tokens. This is an up-and-coming business for Ripple under its recently established Ripple Custody subsidiary as part of a larger custody push.
These features include preconfigured operational and policy settings, integration with the XRP Ledger, risk monitoring for anti-money laundering compliance, and a new user interface that is easier to use and engage with.
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The move will allow Ripple to diversify beyond its core payments business. It also consolidates Ripple’s custody solutions under one brand, Ripple Custody, to compete with numerous competitors such as Coinbase, Gemini, and Fireblox currently offering products and services in this market. This is also Ripple’s first big step.
Ripple makes great progress
In early October, Ripple announced the launch of Ripple Payments in Brazil. Mercado Bitcoin, Latin America’s largest crypto exchange, becomes the first Brazilian customer to use Ripple’s managed end-to-end payments service.
Ripple also announced this month that it had received in-principle approval from the Dubai Financial Services Authority (DFSA) to expand services from Dubai International Financial Center.
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This is an important milestone as Ripple becomes the first blockchain-enabled payment service provider to receive a license from the DFSA, the independent regulator for financial services within and from the DIFC.
Ripple currently has over 55 licenses worldwide, including licenses from the Monetary Authority of Singapore (MAS), New York Department of Financial Services (NYDFS), and Central Bank of Ireland (CBI).
