In an expansion move: Ripple offers cryptocurrency storage services to banks
Ripple has announced the expansion of its cryptocurrency custody services, targeting banks and fintech companies.
With its new service under the âRipple Custodyâ brand, Ripple aims to enable financial institutions to store digital assets on behalf of their clients.
This service includes advanced features such as operational settings, integration with XRP Ledger, and monitoring of anti-money laundering compliance.
This move is a strategic expansion for Ripple, through which it goes beyond the usual scope of payment settlement, as it will compete with prominent companies such as Coinbase, Gemini, and Fireblocks.
It also represents the first effort to unify custody solutions under the âRipple Custodyâ brand.
As part of its international expansion, Ripple recently announced the launch of âRipple Paymentsâ in Brazil, where the cryptocurrency exchange âMercado Bitcoinâ became the first customer to adopt this service in Latin America.
Additionally, Ripple has received preliminary approval from the Dubai Financial Services Authority (DFSA) to expand its operations into the Dubai International Financial Centre (DIFC), making it the first blockchain payment services provider to be licensed by the DFSA. Ripple currently holds over 55 licenses globally, including from the Monetary Authority of Singapore (MAS), the New York Department of Financial Services (NYDFS), and the Central Bank of Ireland (CBI).
