- Ripple has introduced crypto custody services aimed at banks and fintech firms.
- The new division has seen over 250% year-over-year customer growth and serves major financial institutions.
- The services include integration with the XRP Ledger and features for tokenizing real-world assets
Ripple, the payments company based out of San Francisco, has launched new crypto custody services on Thursday, designed to help banks and fintech firms securely store digital assets for their clients. This is a big move for Ripple as it expands its offerings beyond its core payment settlement business.
The new custody services are part of the new Ripple Custody division, which is designed to meet the growing institutional demand for secure and scalable digital asset storage solutions.
Ripple Custody has experienced over 250% year-over-year customer growth. It operates in seven countries and serves major financial institutions, including HSBC, BBVA’s Swiss arm, Société Générale, and DBS.
The integration of the XRP Ledger (XRPL) provides these firms with access to a native decentralized exchange, enabling faster and lower-fee trading without the involvement of intermediaries.
These services also offer banks and fintech companies pre-configured operational and policy settings, integration with the XRPL blockchain, and anti-money laundering (AML) monitoring to ensure compliance.
“With new features, Ripple Custody is expanding its capabilities to better serve high-growth crypto and fintech businesses with secure and scalable digital asset custody,” said Aaron Slettehaugh, Senior Vice President of Product at Ripple, in a statement.
Ripple Bets on RWAs as Acquisitions Strengthen Custody Offering
Ripple is betting big on the growing trend of tokenizing real-world assets (RWAs), which lets them be traded as digital tokens. With its custody services, customers will be able to tokenize assets such as fiat currencies, commodities like gold and oil, and even real estate using Ripple’s XRP Ledger.
Moreover, Ripple’s entry into the crypto custody market—predicted to reach $16 trillion by 2030—has been bolstered by strategic acquisitions.
In 2023, Ripple bought Metaco, a firm specializing in crypto storage solutions for institutions. This year, the company also acquired Standard Custody & Trust Company, a New York-based crypto custody firm.
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