Ripple is making its entry into the crypto custody market with its latest product offering: a suite of new services aimed at helping financial institutions manage digital assets on behalf of their clients.
As reported by CNBC on October 10, the San Francisco-based blockchain company seeks to establish its newly launched Ripple Custody division as a critical player in the expanding crypto custody industry.
The new services feature pre-configured operational and policy settings, seamless integration with Ripple’s XRP Ledger platform, and tools for monitoring anti-money laundering risks, all designed to ensure regulatory compliance.
Ripple had strengthened its custody services by acquiring crypto custodian Metaco in 2023 and Standard Custody & Trust aCompany earlier this year. The company now operates in seven countries and provides services to major clients such as HSBC, BBVA, and Zodia Custody.
This new product offering will allow Ripple, widely recognized for its XRP cryptocurrency and RippleNet platform, to diversify beyond its core payment settlement services. Notably, the company is reportedly planning to release other new product offerings to achieve this goal.
It recently partnered with Archax to allow customers to tokenize real-world assets via its XRP Ledger. Also, CEO Brad Garlinghouse, recently stated that the company is exploring the launch of its stablecoin, RLUSD, aimed at facilitating cross-border payments. However, no specific timeline has been set for its release.
Meanwhile, this news follows Ripple’s receipt of an in-principle approval from the Dubai Financial Services Authority (DFSA) to expand its operations within the Dubai International Financial Centre (DIFC). The company stated that it plans to leverage this approval to broaden its digital asset infrastructure and launch cross-border payment services, including Ripple Payments Direct (RPD), to a broader UAE customer base.
If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.
“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”
