Ripple is introducing various new services to help financial institutions manage crypto for their clients as it enters the custodian space
On October 10, a CNBC report indicated that the San Francisco-based blockchain firm intends to establish its recently established Ripple Custody division as a new participant in the expanding crypto custody market.
According to reports, pre-configured operational and policy settings, integration with Ripple’s XRP Ledger platform, and tools for monitoring anti-money laundering risks to ensure regulatory conformance are among the new offerings.
Ripple acquired Standard Custody & Trust Company earlier this year and crypto custodian Metaco in 2023 to improve its custody capabilities.
The organization is currently operational in seven countries and provides services to customers including Société Générale, DBS, and HSBC.
Ripple also intends to facilitate the tokenization of real-world assets through its XRP Ledger and to introduce its stablecoin, RLUSD, for cross-border payments. However, the specific timeline for this initiative is uncertain.
Furthermore, the organization that developed XRP is expanding its services in Latin America. Its payment solution is now accessible in Brazil due to a partnership with the crypto exchange Mercado Bitcoin.
Due to this agreement, Mercado Bitcoin will be the first platform to employ Ripple Payments for cross-border payment options. Brazil is the first country in Latin America to receive Ripple’s end-to-end solution.
