Ripple is known for its blockchain-based payment solutions. Now, it’s adding digital asset security services for banks and fintech companies to its list of services. With these new services, institutions will be able to store and handle their digital assets safely. This is a big step for Ripple as it expands its business beyond just settling payments.
The brand-new features, called Ripple Custody, come with advanced anti-money laundering (AML) risk tracking, connection with the XRP Ledger, and settings that are already set up for operations and policies. In addition, we’ve added a new, easier-to-use design to make things easier for our clients.
Ripple is now an active crypto storage service as part of its plan to offer more than just payment options. A lot of people know about the company’s XRP cryptocurrency and RippleNet, a blockchain technology that lets banks do real-time operations across borders. However, as investments in digital assets continue to grow, so does the need for trustworthy security services. Ripple is capitalizing on this trend.
Institutions that want to invest in crypto need custody services to keep digital assets safe by keeping the secret keys needed to approve transactions safe. The new custody service from Ripple will not only store these assets, but it will also help with trade, transfers, and following the rules set by regulators.
Aaron Slettehaugh, Senior Vice President of Product at Ripple, said that the start of Ripple Custody makes it easier for the company to meet the needs of fintech companies that are growing quickly. The company also said that its security section has grown 250% year-over-year and now works in several countries, making it one of Ripple’s fastest-growing areas.
Digital asset security services are also getting attention from the financial world as a whole. Large banks like Standard Chartered started to offer crypto custody in September. In Taiwan, officials are getting ready for a test program that will start in early 2025.
As more standard banks try to get into the crypto space, there is a greater need for safe and legal options. Ripple’s move into digital asset custody is a response to this. Ripple wants to improve its place in the changing world of digital assets and offer its clients a full range of crypto-related services by expanding the types of services it offers.
