Ripple has introduced a comprehensive guide to help banks enter the rapidly expanding $20 trillion digital asset custody market. Titled “Digital Asset Custody: Quick Guide for Banks,” this resource outlines how financial institutions can establish institutional-grade custody services to build trust, promote growth, and create new revenue streams.
Custody services are a fast-growing area in the digital asset landscape, with custodians playing an essential role by securing private keys—the codes needed to access digital assets. This sector’s entrance by Ripple is significant as its Ripple Custody division – introduced in the prior year- has been experiencing over 250% customer growth in 2023 and is further expanding services to over 20 countries.
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Ripple Expands Custody Solutions for Financial Institutions
In October, Ripple expanded its crypto custody business with additional offerings designed for banks and financial technology firms. These new services enable institutions to safely preserve the clients’ valuables in the digital space. The product now encompasses standard configurations intended for operations and policy, integration with the XRP Ledger, and AML risk management tools. Also, through continuous technological advancement, Ripple devised an enhanced client interface to enable the development of efficient operations by clients.
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In this context, this expansion also reaffirms Ripple’s goal to offer a complete range of custody options for the digital finance sector. Ripple currently targets the banking and fintech industries as they seek to offer the firm an excellent vantage point in digital asset custody and management.
At the core of Ripple’s custody solutions is the company’s greater mission of providing services for financial institutions reaching for the new digital asset era. The essence of the company’s approach reflects an increased focus on security, compliance, and ease of use, which is foundational to garnering trust in digital financial services.
Conclusion
Ripple’s foray into the custody market demonstrates its strategic focus on becoming a leader in digital asset management. As more banks and institutions seek reliable custody solutions, Ripple’s offerings could play a pivotal role in setting new standards for security and efficiency in the industry.
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Maxwell Mutuma
Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. He writes extensively on topics such as blockchain, cryptocurrency, tokens, and more for top publications such as Coingape, Coin Edition, and The Coin Republic. His goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.