Ripple Introduces Crypto Vaults for Banks in Major Expansion Move
2024-10-10

According to CNBC, fintech giant Ripple has made a major entry into crypto custody, unveiling new services targeted at assisting banks and financial technology businesses to store digital assets on behalf of clients.
Ripple will be introducing a slew of features to enable its banking and fintech clientele to hold and maintain digital tokens. As part of a bigger push into custody, it is a budding business for Ripple under its recently founded Ripple Custody subsidiary.
Ripple launches crypto storage services for banks in bid to diversify https://t.co/MiLJGYXzr5— CNBC (@CNBC) October 10, 2024
These features include preconfigured operational and policy settings, integration with XRP Ledger, risk monitoring for anti-money laundering compliance and a new user interface that is easier to use and engage.
The move will allow Ripple to diversify beyond its core payment settlement business. It also marks Ripple's first major step to unify its custody solutions under one brand, Ripple Custody, and compete with a bevy of competitors that currently offer products and services on this market, including Coinbase, Gemini and Fireblocks.
Ripple takes giant strides
Earlier in October, Ripple announced the launch of Ripple Payments in Brazil. Mercado Bitcoin, Latin America's largest cryptocurrency exchange, will be the first customer in Brazil to use Ripple's managed end-to-end payments service.
This month, Ripple also announced that it has received in-principle approval from the Dubai Financial Services Authority (DFSA) to expand its services from the Dubai International Financial Centre.
This is an important milestone since Ripple will be the first blockchain-enabled payment services provider licensed by the DFSA, the independent regulator of financial services conducted in or from the DIFC.
Ripple presently has over 55 licenses globally, including those from the Monetary Authority of Singapore (MAS), the New York Department of Financial Services (NYDFS) and the Central Bank of Ireland (CBI).