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U.S. blockchain startup Ripple recently launched new services aimed at helping banks and financial technology firms store digital assets on behalf of clients. This move marks Ripple’s expansion into the crypto custody business under its new division, Ripple Custody. The company is offering features such as pre-configured operational settings, integration with Ripple’s XRP Ledger blockchain platform, and monitoring of anti-money laundering risks for compliance. This expansion will allow Ripple to diversify beyond its core payment settlement business and compete with existing companies in the custody space.

Custody services play a crucial role in the crypto market by safeguarding private keys and ensuring regulatory compliance. Ripple Custody has experienced significant customer growth and operates in seven countries, serving clients such as HSBC, BBVA, Societe Generale, and DBS. Ripple plans to allow customers to tokenize real-world assets using its XRP Ledger technology, enabling access to a decentralized exchange for faster and low-fee trading.

In efforts to strengthen its custody business, Ripple acquired Metaco and Standard Custody & Trust Company. This diversification comes at a challenging time for XRP, as the cryptocurrency faced a price drop following the SEC’s appeal of a court ruling regarding its classification as a security. Despite these challenges, Ripple continues to deny allegations of selling XRP in an illegal securities offering.

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