Ripple debuts crypto custody solutions to support banks in managing crypto: report

crypto.news · 2024-10-10T02:17:22+00:00

Ripple introduces custodian services aimed at assisting financial firms to manage cryptocurrency for their clients, providing a new player in the rising custody market. Its offerings include customizable operational and policy settings, compliance and risk-monitoring tools, and integration with the XRP Ledger platform. Ripple seeks to promote its custody capabilities by acquiring Metaco and Standard Custody & Trust Company and operating in seven countries serving significant clients. Furthermore, Ripple plans to enable tokenization of assets via XRP Ledger and launch stablecoin, RLUSD, for cross-border payments.

crypto.news

2024-10-10 02:17:22

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Ripple is entering the custodian space, unveiling a range of new services to assist financial institutions in managing crypto for their clients.

According to a CNBC report on Oct. 10, the San Francisco-based blockchain firm wants to position its recently formed Ripple Custody division as a new player in the growing crypto custody market.

The new offerings reportedly include pre-configured operational and policy settings, integration with Ripple’s XRP Ledger platform, and tools for monitoring anti-money laundering risks to ensure regulatory compliance.

In a bid to enhance its custody capabilities, Ripple acquired crypto custodian Metaco in 2023 and Standard Custody & Trust Company earlier this year. The company is now operational in seven countries and serves clients such as HSBC, Société Générale, and DBS.

Ripple also plans to enable customers to tokenize real-world assets through its XRP Ledger and is looking to launch its stablecoin, RLUSD, for cross-border payments, although a specific timeline for this remains uncertain.

Additionally, the company behind (XRP) is expanding its services in Latin America, with its payments solution now available in Brazil, following a partnership with crypto exchange Mercado Bitcoin. Under this agreement, Mercado Bitcoin will be the first platform to utilize Ripple Payments for cross-border payment options. Consequently, Brazil becomes the first country in Latin America to benefit from Ripple’s end-to-end solution.

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