Ripple, a leading blockchain payments company, has announced the expansion of its digital asset storage services aimed at banks and fintech firms. This move marks a significant step in providing comprehensive solutions beyond its traditional payment offerings.

Introducing Ripple Custody

The newly launched services fall under the Ripple Custody brand, designed to offer digital asset storage and management for institutional clients. Ripple’s XRP Ledger blockchain platform powers these services, featuring pre-configured operational settings, robust anti-money laundering risk monitoring, and a simplified user interface. This development reflects Ripple’s commitment to enhancing the security and accessibility of digital asset storage for its clients.

Rapid Growth in Custody Services

According to Aaron Slettehaugh, Ripple’s senior vice president of product, the new features enhance Ripple Custody’s capabilities, providing fintech clients with scalable solutions tailored to their needs. Ripple has reported an impressive 250 percent annual growth in its custody business, with its services being adopted in seven countries. This growth underscores the increasing demand for secure digital asset management solutions in a rapidly evolving market.

Industry Trends in Digital Asset Custody

Ripple’s expansion aligns with a broader industry trend, as banks and regulatory bodies worldwide begin to explore digital asset custody services. Notable examples include Standard Chartered in the UAE, which recently launched Bitcoin and Ether custody services, and Taiwan’s Financial Supervisory Commission (FSC), which is preparing to implement a crypto custody sandbox by early 2025. This momentum highlights the growing interest among private banks in Taiwan to enter the crypto custody space.