San Francisco-based Ripple has launched a new crypto custody service tailored for banks and fintech companies, enabling secure storage of cryptocurrencies for their clients.

Key Features of Ripple's Service

Ripple announced its custody service that will offer a range of features designed to support the secure storage of digital assets for its banking and fintech partners. This initiative is part of the newly formed Ripple Custody division, aiming for a significant market presence.

Market Competition in Custody Services

This introduction signifies Ripple’s intent to establish a stronghold in the crypto custody market, directly challenging established players like Coinbase and Gemini. The custody landscape is rapidly evolving, with companies like Coinbase already catering to major clients, including BlackRock.

Ripple's Expansion and Opportunities

Ripple Custody is operational in seven countries, boasting a prestigious client base that includes HSBC and Societe Generale. Additionally, the firm is expanding into the tokenization of real-world assets, facilitated by integration with the XRP Ledger.

With this custody service, Ripple is poised to solidify its presence in the financial sector, responding to a growing demand for secure cryptocurrency storage among institutional clients.