Ripple Brings Bank-Grade Custody Solution to Crypto Businesses
- ParlayMe
- Oct 10, 2024
- 1 min read
In an important development for the firm, Ripple Labs is set to offer crypto storage services to banks and other financial institutions. Indeed, the Ripple Custory platform is set to focus on security enhancement and compliance to offer their services to various banks in a major move.
The expansion decision was called a “bid to diversify,” by the company, according to a CNBC report. Moreover, they are poised to launch a plethora of new features that will help various financial tech firms store digital assets. It will be a key aspect of Ripple’s continued push into crypto custody.
Ripple takes on Coinbase and Gemini in crypto custody
The new features include pre-configured settings, anti-money laundering risk monitoring, integration with XRP Ledger, and a more user-friendly interface. It puts Ripple in direct competition with top companies in crypto custody like Coinbase, Gemini, and Fireblocks.
Custody is a growing market. It’s not just about storing crypto, though. It also includes handling payments, settlements, trading, and compliance with regulations around the world.
According to Boston Consulting Group, the crypto custody market could hit $16 trillion by the end of the decade. Ripple Brings Bank-Grade Custody Solution to Crypto Businesses
“Ripple’s custody technology offers a single platform for safeguarding and managing digital assets, designed with the security and compliance standards that top global banks and financial institutions have come to rely on, "
said Aaron Slettehaugh, SVP of Product at Ripple.
“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.”
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Lately, I’ve been paying close attention to how traditional financial systems are starting to blend with the crypto world — and Ripple’s latest move really stood out. They’re bringing bank-grade custody solutions to crypto businesses, which is a huge step toward bridging the gap between institutional finance and digital assets. For anyone who’s been in this space for a while, this kind of validation is long overdue. But while custody solutions help secure top mining pools crypto after it's acquired, I’ve also been diving into the infrastructure behind how that crypto is generated in the first place — and that’s where companies like Pickaxe come in. Based in the U.S., Pickaxe works with all the major mining hardware manufacturers around the globe. Thanks to…
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