Ripple, a fintech leader, has made a major move into crypto custody, offering services to help banks and fintech firms securely store digital assets. CNBC reports that this marks Ripple’s push to diversify beyond payment settlements.

Introducing Ripple Custody for Digital Asset Management

The company is launching new features for banking and fintech clients to manage digital tokens securely. Moreover, these services come through its Custody, a newly formed subsidiary, providing a platform for digital asset management.

It includes pre-set operational policies, AML risk monitoring, XRP Ledger integration, and an improved user interface for easier engagement.

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This move signifies Ripple’s broader ambition to diversify its core business model. By stepping into crypto custody, Ripple is positioning itself to compete with major industry players like Coinbase, Gemini, and Fireblocks. The introduction of Ripple Custody also represents the company’s first comprehensive effort to unify its custody solutions under a single brand, allowing it to offer a more cohesive and competitive product lineup in the fast-growing digital asset space.

Global Expansion and Regulatory Approvals

Ripple’s latest initiative follows a series of major announcements this month. However, In early October, Ripple launched its Payments in Brazil, partnering with Mercado Bitcoin, the largest cryptocurrency exchange in Latin America, to offer an end-to-end managed payment service. 

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Additionally, Ripple secured in-principle approval from the Dubai Financial Services Authority (DFSA), allowing the company to expand its services through the Dubai International Financial Centre.

Ripple, which now holds over 55 global licenses, including approvals from regulatory authorities in Singapore, New York, and Ireland, continues to build its presence in the digital finance world.