This move marks a significant shift for Ripple, allowing them to expand their business beyond just payment settlements.
According to a recent report from CNBC, Ripple is now offering services to keep and manage digital assets. This is for its banking and fintech clients.
This new service is called Ripple Custody and aims to simplify how banks handle their digital assets. Ripple Custody includes special features that work with Ripple’s blockchain platform, known as the XRP Ledger. With this integration, banks can easily keep track of their digital assets, just like they would manage their cash.
It also comes with pre-set rules and guidelines, so banks know exactly how to handle their assets. Additionally, Ripple is introducing Anti-Money Laundering monitoring, which helps prevent illegal activities.
We’re launching new features for Ripple Custody, bringing bank-grade custody solutions to fintech and crypto businesses.
📶 Simplified onboarding
↔️#XRPL tokenization & DEX support
➡️ Pre-configured policy frameworks
▶️ R/T compliance monitoring
↗️ New UIhttps://t.co/gejagnouTS— Ripple (@Ripple) October 10, 2024
This launch helps Ripple grow its services and reach a wider audience. In the past, Ripple was mainly known for its XRP crypto asset and its RippleNet platform, which allows banks to communicate about money transfers. Now, with Ripple Custody, banks can store their digital assets securely, giving them peace of mind.
The user interface for Ripple Custody is designed to be easy to use, which is great news for banks that want to keep their operations running smoothly. With these new tools, banks and fintech firms can access the digital asset market more easily, paving the way for more innovation and growth in the financial industry.
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