- Ripple enters the crypto custody market, offering secure digital asset storage for banks and fintech firms.
- New services include XRP Ledger integration and AML compliance tools for seamless digital asset management.
- The Firm expands beyond payments, eyeing the $16 trillion crypto custody market, with 250% annual customer growth.
Ripple entered the crypto custody space with new services which are aimed at assisting banks and Fintech firms in safely storing digital assets on behalf of their customers. This is a significant move away from firm’s previous area of interest which is payments and its own cryptocurrency XRP. The company’s new offering is in line with its new Ripple Custody division that seeks to place Ripple in the middle of the evolving crypto custody business.
According to a recent report,new features of Ripple’s services include the pre-set operational parameters, connection to the XRP Ledger and the features for tracking AML regulations. These features are meant to help banks and other Fintech firms to deal with digital assets in a way that is in compliance with the law. To this end, platfrom has overhauled the user interface in a bid to enhance ease of interaction between clients and Ripple’s custody services.
Ripple Enters Custody Market
The platfrom is also expanding its services beyond its main offering of cross-border payment transactions processed through RippleNet, a blockchain-based messaging solution. With the new service, company is ready to enter the market that already has such giants as Coinbase, Gemini and Fireblocks.
This service is one of the most rapidly developing segments of the digital finance industry, which is responsible for the protection of digital assets and their exchange. It is an entry into this market at a time that Boston Consulting Group estimates the market will reach $16 trillion by 2030. The platform Custody has been very successful, and the company has seen more than 250% increase in its customers yearly.
Ripple’s Tokenized Asset Expansion
In addition, the platform said it will enable users to issue financial instruments in the form of tokens representing fiat money, gold, and real estate on the XRP Ledger. This will allow for a faster and cheaper way of conducting business of digital assets through the company decentralized market place thus eliminating the need of intermediaries.
Ripple has made an entry into the crypto custody service at the time when its XRP token is not having the best of times. This was a significant blow to XRP’s price last week when the U.S Securities and Exchange Commission (SEC) put in a motion to appeal a court decision that held that XRP is not a security when sold to the general public. Still, the platform is stubborn about the fact that XRP should not be considered as a security even as it faces legal challenges from the SEC.
