TL;DR
- Ripple launches a cryptocurrency custody service for banks and fintech under the Custody brand.
- The service includes integration with XRP Ledger, facilitating transactions in a decentralized exchange.
- The custody service grew by 250% in customers, highlighting users like HSBC, BBVA, and Societe Generale.
Ripple has announced the launch of a new cryptocurrency custody service aimed at banks and fintech institutions, under the brand Ripple Custody.
This new service is part of the company’s strategy to diversify its activities beyond its well-known payment platform based on the XRP cryptocurrency. With this initiative, the company seeks to offer more secure and scalable solutions for storing and managing digital assets.
Ripple Custody includes a series of features designed to meet the needs of companies operating in the crypto and fintech sectors. These include pre-configured operational settings, an improved interface to facilitate asset management, and advanced anti-money laundering monitoring tools, ensuring compliance with global regulations. Its focus on security and transparency is a key point for attracting banks and tech firms that require high standards in digital asset management.
More Security and More Features
The custody service also leverages integration with XRP Ledger, a blockchain platform developed by Ripple. This allows companies to access a decentralized exchange that facilitates the buying and selling of cryptocurrencies without the intervention of intermediaries.
Additionally, the company has stated that one of the goals of its new solution is to enable the tokenization of real-world assets, such as fiat currencies, real estate, and commodities, providing a way to transform these assets into tokens that can be traded on digital platforms.
Ripple Custody Grew by 250%
This will be key to expanding Ripple’s capabilities, which in recent years has moved beyond its initial focus on cross-border payments. The company has made key acquisitions, such as the purchase of Metaco and Standard Custody & Trust Company, to strengthen its infrastructure and expertise in the asset custody market. Thanks to these acquisitions, ‘Custody’ has grown vigorously, with a 250% increase in its customer base and operations in more than 20 countries. Among its clients are major names like HSBC, BBVA, and Societe Generale.
However, Ripple must overcome several challenges, especially in the regulatory field. The company is still facing legal disputes with the U.S. Securities and Exchange Commission (SEC) over the classification of its cryptocurrency XRP
