In an important development for the firm, Ripple Labs is set to offer crypto storage services to banks and other financial institutions. Indeed, the Ripple Custory platform is set to focus on security enhancement and compliance to offer their services to various banks in a major move.
The expansion decision was called a “bid to diversify,” by the company, according to a CNBC report. Moreover, they are poised to launch a plethora of new features that will help various financial tech firms store digital assets. It will be a key aspect of Ripple’s continued push into crypto custody.
Also Read: Ripple Adoption Set To Boom As Canary Files For An XRP ETF
Ripple to Offer Crypto Custody to Banks in New Diversification Push
Ripple has long been one of the cryptocurrency markets most prominence firms. It has developed one of the best cross-border payment systems on the planet. Moreover, the company has continued to embrace a greater presence in all of crypto. That is clearly seen in its XRP and RLUSD stablecoin offerings.
Now, those efforts are set to continue expanding. Indeed, Ripple Labs has announced that it will offer crypto custody services to banks and other financial institutions. The Ripple Csutory brand is to be integrated on the XRP Ledger (XRPL), and become a point of focus for the blockchain firm as a whole.
Also Read: Ripple: How Long Should You Wait For XRP To Hit $3?
The decision will expand Ripple beyond its payment settlement business. Additionally, the Thursday announcement is the first time that the company has committed as heavily into its custody offerings. IT will now see them take on the likes of Coinbase and Gemini for market share in the space.
The potential of Ripple has been undeniable. However, the circumstances have continued to threaten that. The company has recently emerged victorious in a years-long court battle with the US Securities and Exchange Commission (SEC). Although an appeal was filed, it showcased the continued resilience of the firm and their impact on the industry.