Ripple, a blockchain payments company, has launched digital asset storage services for banks and fintech firms. According to a CNBC report on October 10, Ripple has introduced features that will store and manage digital assets for banking and fintech customers. The move is part of an effort to expand the reach of its new digital asset custody division.

These services, consolidated under the name Ripple Custody, include integration with XRP Ledger, pre-configured operational and policy settings, and anti-money laundering risk monitoring.

The development helps the company diversify its services beyond payments solutions. Ripple’s senior vice president of product Aaron Slettehaugh said the new features expand its ability to offer scalable digital asset storage services to fintech businesses.

Digital asset storage services are growing rapidly. Banks are also preparing to offer custody services for crypto assets. Standard Chartered has started offering digital asset storage services in the United Arab Emirates.

How do you think Ripple’s move will impact the industry? Share your thoughts in the comments.