Quick take:
- The new features are part of Ripple’s crypto custody push under its newly formed custodial services division.
- The features include pre-configured operational and policy settings, integration with Ripple’s XRP Ledger blockchain platform and a new user interface.
- The Ripple Crypto Custody Division is part of a diversification strategy beyond Ripple’s core settlements business.
U.S. crypto solutions provider Ripple is expanding its business beyond settlements after announcing a new slew of features to help banks and Fintechs store and maintain digital tokens.
The features include pre-configured operational and policy settings, integration with Ripple’s XRP Ledger blockchain platform, monitoring of anti-money laundering risks to maintain compliance, and a new user-friendly interface, the company said on Thursday.
The announcement comes amid rapid growth in demand for crypto custody solutions, with Ripple reporting 250% year-over-year growth this year having expanded to seven countries. Some of the San Francisco-based crypto company’s global clients include HSBC, the Swiss arm of BBVA, Societe Generale and DBS as clients.
The rapid growth comes just over a year after the company acquired crypto custody infrastructure provider Metaco for $250 million in May last year.
The custodial services segment has been one of the fastest growing verticals in the sector, with Boston Consulting Group forecasting the market will hit $16 trillion by the year 2030. This comes as more mainstream companies continue to launch tokenisation products for real-world assets.
Commenting on his company’s new solutions, Aaron Slettehaugh, senior vice president of product at Ripple, said in a statement: “With new features, Ripple Custody is expanding its capabilities to better serve high-growth crypto and fintech businesses with secure and scalable digital asset custody.”
Banks and Fintechs that integrate Ripple’s XRP Ledger will also gain access to the crypto company’s decentralised exchange, which matches orders from buyers and sellers without the involvement of a middleman, thus enabling a faster and low-fee trading experience.
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