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

Ripple is moving into the custody space by introducing a number of new services that will help financial institutions manage crypto for their customers.

The San Francisco-based blockchain firm wants to position its recently created Ripple Custody division as a new player in the growing crypto custody market, according to an Oct. 10 report from CNBC.

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

Ripple acquired crypto custodian Metaco in 2023 and Standard Custody & Trust Company earlier this year to improve its custody capabilities. The company currently operates in seven countries and serves clients such as HSBC, Société Générale and DBS.

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

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