San Francisco-based fintech company Ripple is launching a comprehensive suite of crypto custody services aimed at banks and financial technology firms.
This new offering will enable clients to securely store and manage digital assets.
The move comes through Ripple’s subsidiary, Ripple Custody, and marks a significant shift in the company’s strategy as it seeks to broaden its business beyond payment settlements.
A Push into Secure Digital Asset Storage
Ripple’s new crypto custody services are designed to integrate with its existing blockchain platform, the XRP Ledger. The offering includes pre-configured operational settings, risk monitoring for Anti-Money Laundering (AML) compliance, and an improved user interface, all aimed at making crypto asset management more accessible to banks and fintechs.
Aaron Slettehaugh, Ripple’s senior vice president of product, said the firm is focused on scalable and secure solutions for digital asset storage.
The firm noted that its custody division is among its fastest-growing areas, with 250% customer growth year-on-year.
Ripple Custody operates in seven countries and is poised to help its clients tokenize real-world assets through the XRP Ledger. The service will also grant access to XRP Ledger’s decentralized exchange (DEX) for low-cost trading of tokenized assets.
Related reading：Ripple mints 300K RLUSD stablecoins on Ethereum and XRP networks
Rivaling Established Crypto Custody Giants
Ripple’s expansion into crypto custody places it in direct competition with well-established custody providers like Coinbase, BitGo, Fireblocks, and Gemini. This market is projected to grow significantly, potentially surpassing $16 trillion by 2030.
Ripple’s acquisition of Metaco and Standard Custody & Trust Company further strengthens its position in the increasingly competitive crypto custody sector.
Related reading：Ripple strengthens blockchain infrastructure in Asia through strategic partnerships with Japanese and Korean technology companies and universities
XRP Price Outlook Remains Uncertain
While Ripple continues to expand its business offerings, the price of its native cryptocurrency, XRP, remains below 60 cents, largely due to uncertainty surrounding the U.S. Securities and Exchange Commission (SEC) appeal.
Despite this, some market watchers believe that Ripple’s custody services could help push XRP’s price above 64 cents, a key resistance level. If successful, the token could rally towards $1.
XRP price source：coinmarket cap
In addition to Ripple’s crypto custody services, competition in the XRP exchange-traded fund (ETF) space is intensifying, with Canary Capital and Bitwise filing for approval from the SEC.
Industry experts speculate that a shift in SEC leadership or U.S. political administration could accelerate the approval of these XRP ETFs and other crypto-related products.
Catherine
