Ripple 
$1, a San Francisco-based blockchain initiative, has introduced a crypto custody solution aimed at various banks and fintech firms to store cryptocurrencies on behalf of its clients. This development comes during a period when the Federal Reserve has intensified its scrutiny of traditional banks offering custody services to crypto firms.
Features of Ripple’s Crypto Custody
In a statement to CNBC, Ripple indicated that it would provide multiple features to facilitate the custody of cryptocurrencies for its banking and fintech clients. This initiative falls under the newly established Ripple Custody division, which is developing into a new business area. In September, Ripple’s CEO Brad Garlinghouse hinted at this launch.
Ripple has confirmed that it meets all regulatory requirements for launching its crypto custody service. This includes structured operational and policy setups, along with integration with the recently updated Ripple XRP Ledger blockchain platform.
A Strong Move Against Competitors
Today’s announcement marks the first step for the blockchain initiative to consolidate crypto custody services under the Ripple Custody brand and directly compete with existing players like Coinbase and Gemini.
The crypto custody sector is still developing and growing rapidly. Firms like Coinbase are providing Bitcoin 
$75,226 custody services to major clients such as BlackRock, while traditional banking players are also entering this space. For example, BNY Mellon received a corporate crypto custody license last month.
Ripple Custody operates in seven countries and holds prominent clients, including HSBC, Societe Generale, and BBVA’s Swiss branch. Ripple is also investing in the tokenization market for real-world assets through XRP Ledger integration.
