Ripple launches crypto storage services for banks
US blockchain startup Ripple has launched crypto storage and management services for banks and financial technology companies. The move aims to widen the reach of its newly formed Ripple Custody division and advance other infrastructure offerings.
The new division provides features that expand beyond its core payment settlement business. These include customized operational settings, policy controls, integration with the XRP Ledger blockchain, monitoring of anti-money laundering risks to maintain compliance, and a new and more intuitive user interface. This will help the company’s banking and fintech clients keep and maintain digital assets.
Ripple custody
Custody is a growing space within the industry and plays a key role in the crypto market. Custodians help store crypto by safeguarding private keys. Private keys are alphanumeric codes required to unlock access to digital assets and authorize transactions. In addition to safeguarding, the services provided by custodians also include helping customers trade and settle their crypto payments and ensuring regulatory compliance with global laws governing digital assets.
Boston Consulting Group has predicted that the crypto custody market would reach $16 trillion by 2023. Ripple, with its latest addition, would be tapping into one of the fastest growing sectors. This highlights Ripple’s intentions to capitalise on the growing market for secure crypto asset management.
In a statement provided by Senior Vice President of Product, Aaron Slettehaugh, the company said, “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.”
The startup, terming custody as one of the fastest-growing areas for them, reported a 250 percent year-over-year customer growth this year and operating in over 20 countries.
Primarily known for its XRP cryptocurrency and its Ripple Payments platform, the addition will help the company consolidate its custody products under its Ripple Custody brand. This will help the company join and take on its rivals offering similar services, including Coinbase, Gemini and Fireblocks.
