Ripple, a prominent blockchain startup, announced on Thursday the launch of new crypto custody services targeting banks and fintech firms. The San Francisco-based company is introducing a series of advanced features through its newly established Ripple Custody division. These enhancements, including seamless integration with the XRP Ledger and advanced monitoring systems for compliance, are set to empower financial institutions to securely manage and store digital assets for their clients.

This strategic move marks Ripple’s significant expansion beyond its core payment settlement business, encompassing RippleNet. As part of this venture, Ripple Custody aims to simplify operations and bolster security for digital transactions, enhancing user engagement with a new, more intuitive interface. The initiative positions Ripple as a formidable competitor in the crypto custody sector, challenging established players like Coinbase and Gemini.

With the crypto custody market poised to hit $16 trillion by 2030, Ripple’s foray into this field signals a strong commitment to leveraging blockchain technology for broader financial applications. The company’s recent acquisitions and robust customer growth underline its ambition to revolutionize digital asset management and further solidify its market presence.

CNBC