Ripple provides crypto storage services for financial institutions.

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Ripple Custody offers crypto storage for banks with advanced security and policy settings. The service integrates with XRP Ledger to improve transaction and compliance capabilities.

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Ripple is rolling out crypto storage services designed to help banks and fintech companies securely store and manage crypto assets, according to a CNBC report. The initiative is Ripple's strategy to expand its offerings beyond traditional payment settlement operations.

Speaking about the latest development, Ripple Senior Vice President of Product Aaron Slettehau said the goal is to support the needs of businesses operating in the crypto and fintech sectors.

“With new features, Ripple Custody is expanding its capabilities to serve high-growth crypto and fintech businesses with secure and scalable digital asset protection,” Slettehaugh said.

According to Ripple, the new features bring a more user-friendly interface for storing and managing digital assets. The services also include advanced operational and policy settings, integration with XRP Ledger, and enhanced anti-money laundering monitoring to ensure compliance.

Under the Ripple wallet brand, the firm plans to allow its customers to display real-world assets using the XRP Ledger.

Ripple Custody operates in multiple countries and is trusted by several top companies such as HSBC, BBVA, Societe Generale and DBS. Ripple claims that its control unit has seen more than 250% year-over-year customer growth.

The expansion of Ripple's custodial sector follows the acquisition of Metaco and Standard Custody and Trust Company, aiming to strengthen Ripple's custodial capabilities.

The expansion position compares Ripple to established firms in the crypto security market, which is estimated to exceed $16 trillion by 2030.

Ripple is preparing to enter the stablecoin market with its upcoming stablecoin Ripple USD (RLUSD). RLUSD is in beta testing, with tests being conducted on the XRP Ledger and Ethereum blockchains.

As with its protectionist measures, Ripple faces challenges as it enters a stablecoin market crowded with established players. While there is potential for RLUSD, it needs to differentiate itself from existing offerings to gain traction.

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