The US-based blockchain solutions provider, Ripple Labs, is venturing into providing crypto custody services to banks and financial institutions. Ripple has added multiple features to its Ripple Custody solution for fintech and cryptocurrency companies such as sophisticated anti-money laundering monitoring to ensure regulatory compliance. The company aims to deliver more robust services to high-growth businesses in the crypto sector. In recent years, there has been an increase in demand for secure and trustworthy crypto custody services, and Ripple has experienced growth of 250% in this domain, serving seven countries and having major clients like DBS, Societe Generale, BBVA Switzerland, and HSBC. The crypto custody market could be worth $16 trillion by 2030, according to projections by Boston Consulting Group. Taiwan is also moving toward crypto custody trials in collaboration with regional banks. The country recently updated its AML laws to include digital assets and requires companies to register with the Financial Supervisory Commission by September 2025.
Source: blockchain