US blockchain company Ripple, which continues to grow despite its legal problems with the US SEC, announced that it has expanded beyond its core payment business and launched cryptocurrency custody services for banks.
Ripple took a big step into the cryptocurrency custody space today, announcing the launch of new services aimed at helping banks and financial technology companies store digital assets on behalf of their customers, according to a statement made to CNBC.
With this move, San Francisco-based Ripple has officially entered the crypto custody business.
“With its new features, Ripple Custody expands its capabilities by providing secure and scalable digital asset custody to high-growth crypto and fintech businesses,” said Aaron Slettehaugh, Ripple’s SVP of Products, in a statement.
The newly established Ripple Custody division will offer features such as pre-configured operational and policy settings, integration with Ripple’s XRP Ledger, anti-money laundering risk monitoring, and a user-friendly interface.
The move will reportedly help Ripple, which is primarily known for its XRP cryptocurrency and RippleNet platform, diversify beyond its core payments business.
Ripple said that Ripple Custody has seen annual growth of over 250% this year and operates in seven countries, making custody services one of the fastest-growing areas for startups.
He added that his clients include companies such as HSBC, the Swiss arm of BBVA, Societe Generale and DBS.
Ripple’s move comes at a critical time for XRP, as the SEC last week appealed a 2023 court ruling that ruled that sales of XRP to retail investors should not be considered a security.
*This is not investment advice.
