Ripple Launches Cryptographic Storage Services for Financial Institutions

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Ripple is launching a new suite of crypto storage services designed to help banks and fintech firms securely store and manage crypto assets, according to a new report from CNBC. The initiative is part of Ripple’s strategy to diversify its offerings beyond traditional payment settlement operations.

Discussing the latest development, Aaron Slettehaugh, Senior Vice President of Product at Ripple, said the goal is to support the growing needs of companies operating in the crypto and fintech sectors.

“With new features, Ripple Custody expands its capabilities to better serve crypto and fintech businesses with secure and scalable growth of digital assets,” Slettehaugh said.

According to Ripple, the new features come with a more user-friendly interface for storing and managing digital assets. The services also include advanced operational and policy settings, integration with XRP Ledger and enhanced anti-money laundering monitoring to ensure compliance.

Under the Ripple Custody brand, the firm plans to allow customers to tokenize real-world assets using its XRP Ledger.

Ripple Custody operates in several countries and is trusted by several leading companies such as HSBC, BBVA, Societe Generale and DBS. Ripple said its custody division has seen customer growth of more than 250% year-over-year.

Ripple’s expansion into the custody sector follows the acquisitions of Metaco and Standard Custody & Trust Company, aimed at strengthening Ripple’s custody capabilities.

The expansion positions Ripple against established firms in the crypto custody market, which is expected to exceed $16 trillion by 2030. Ripple Custody competes directly with well-established custody solutions from Coinbase, BitGo, and Gemini.

Ripple is preparing to enter the stablecoin market with its upcoming stablecoin, Ripple USD (RLUSD). RLUSD is in beta testing, with trials being conducted on the XRP Ledger and Ethereum blockchains.

As with its custodial movement, Ripple faces challenges as it enters a crowded stablecoin market dominated by established players. While there is potential for RLUSD, it will need to differentiate itself from existing offerings to gain traction.

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