Ripple is stepping up its game in the blockchain payments arena with the launch of digital asset storage services tailored for banks and fintech firms.
In a recent report by CNBC, it was revealed that on October 10, Ripple unveiled new features aimed at securely storing and maintaining digital assets for its clients. This initiative is part of Ripple’s strategic expansion of its newly established division, focusing specifically on digital asset custody.
The new offerings are consolidated under the brand Ripple Custody, signaling a significant leap into the crypto custody space. These features include seamless integration with Ripple’s blockchain platform, the XRP Ledger, along with pre-configured operational settings, policy frameworks, and robust Anti-Money Laundering (AML) risk monitoring.
Moreover, a revamped user interface further enhances the user experience, making it easier for clients to manage their assets.
As the demand for crypto custody surges among institutions looking to dive into the digital asset space, Ripple is diversifying its offerings beyond just payment settlements.
In addition to its crypto asset XRP, trading at $0.5236, Ripple is also known for its RippleNet platform, which facilitates real-time updates on fund movements for banks.
Ripple’s senior vice president of product, Aaron Slettehaugh, emphasized that these enhancements will enable Ripple Custody to effectively serve fintech businesses with scalable digital asset solutions.
The custody arm of the company has seen impressive growth, boasting a staggering 250% year-on-year increase and currently operating across seven countries.
The trend isn’t isolated to Ripple; banks worldwide are gearing up to provide crypto custody services.
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For instance, Standard Chartered began offering these services in the United Arab Emirates on September 10, starting with Bitcoin, priced at $60,636.38, and Ether, at $2,375.30. This was made possible after securing a license from the Dubai Financial Services Authority.
Additionally, Taiwan’s Financial Supervisory Commission is setting the stage for a crypto custody sandbox, with plans to start collecting applications in early 2025.
Notably, three private banks in Taiwan have already shown interest in venturing into the crypto custody sector, indicating a growing acceptance of digital assets in traditional finance.
With this wave of innovation and expansion, Ripple and other institutions are poised to play a pivotal role in shaping the future of digital asset custody.
