Ripple launches crypto storage services for banks in bid to diversify

Published On Oct 10, 2024, 4:11 AM

Ripple has launched a range of crypto custody services aimed at banks and fintech firms, consolidating its efforts under the new Ripple Custody brand. This service will help institutions securely store digital assets and maintain regulatory compliance. The move is part of Ripple's strategy to diversify beyond its traditional XRP cryptocurrency and payment settlement business. Ripple Custody has seen significant growth, boasting a 250% increase in customers this year and partnerships with major banks such as HSBC, Societe Generale, and DBS. Furthermore, Ripple is looking to tokenize real-world assets using its XRP Ledger, indicating a belief in the expanding potential of digital assets. However, the company faces challenges, particularly regarding ongoing legal disputes with the SEC regarding the classification of XRP.