U.S. blockchain startup Ripple has launched new crypto custody services to help banks and fintech firms store digital assets.

New Services from Ripple

The San Francisco-based company told CNBC it is launching new features to enable its banking and fintech partners to securely manage digital tokens. These include pre-configured operational and policy settings, integration with the XRP Ledger, anti-money laundering compliance monitoring, and a user-friendly interface.

Understanding Custody Services

Custody services are an emerging segment of the digital asset market, crucial for securing private keys that allow access to digital assets. The custody market is expected to reach $16 trillion by 2030. Ripple's custody offering has grown over 250% in customer base this year.

Context and Current Challenges for Ripple

Ripple's custody services expansion comes amid challenges with XRP's price following the SEC's announcement of an appeal against a ruling stating XRP isn't a security. Ripple denies allegations of conducting an illegal securities offering.

Ripple's expansion into custody services marks a significant move in strengthening the company's global footprint in the cryptocurrency industry.