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American Focus > Blog > Economy > Ripple launches crypto storage services for banks in bid to diversify
Economy

Ripple launches crypto storage services for banks in bid to diversify

Last updated: October 10, 2024 2:17 am
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Ripple launches crypto storage services for banks in bid to diversify
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Ripple, a U.S. blockchain startup, has recently made a significant move into the world of crypto custody. The company has launched new services designed to assist banks and financial technology firms in storing digital assets on behalf of their clients. This marks a new direction for Ripple, as they venture into the custody business with the establishment of Ripple Custody division.

The new features introduced by Ripple include pre-configured operational and policy settings, integration with Ripple’s XRP Ledger blockchain platform, monitoring of anti-money laundering risks for compliance, and a user-friendly interface. These features aim to facilitate the storage and management of digital tokens for Ripple’s banking and fintech clientele.

While Ripple is best known for its XRP cryptocurrency and RippleNet platform, which facilitates global payment settlements, the move into custody services signifies a diversification beyond their core business. By consolidating their custody products under the brand Ripple Custody, the company is poised to compete with established players in the market such as Coinbase, Gemini, and Fireblocks.

Custody services play a crucial role in the crypto market by safeguarding private keys needed to access and authorize transactions. Ripple’s focus on custody is driven by the growing demand for secure storage solutions in the digital asset space. The company has reported significant customer growth in its custody division, with clients including HSBC, BBVA, Societe Generale, and DBS.

In anticipation of the tokenization of real-world assets in the future, Ripple plans to enable its customers to tokenize assets such as fiat currencies, commodities, and real estate using the XRP Ledger. This integration will provide access to Ripple’s decentralized exchange, facilitating faster and low-fee trading without intermediaries.

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Ripple’s expansion into custody services comes at a pivotal time for the company, as it faces regulatory challenges related to its XRP cryptocurrency. Despite recent price fluctuations following legal disputes with the SEC, Ripple remains committed to its vision of providing secure and scalable digital asset custody services.

By acquiring firms like Metaco and Standard Custody & Trust Company, Ripple has strengthened its position in the custody market. The company’s dedication to innovation and compliance underscores its commitment to serving the evolving needs of crypto and fintech businesses.

Overall, Ripple’s foray into crypto custody represents a strategic pivot towards diversification and growth in a rapidly evolving industry. As the digital asset market continues to expand, Ripple’s custody services are poised to play a key role in shaping the future of finance.

TAGGED:banksBidCryptodiversifyLaunchesRippleServicesstorage
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