BNY Adds Custody Support for XRP and RLUSD Through Ripple Partnership
(3 hours ago) · 1 source · Summarized by CryptoBipto
BNY, one of the world's oldest and largest custodian banks, has reportedly added custody support for XRP and Ripple's RLUSD stablecoin. The move expands an existing partnership between BNY and Ripple. This marks a significant step in traditional financial institutions offering services for additional digital assets.
WHY IT MATTERS
When you own cryptocurrency, someone needs to keep it safe, just like a bank holds your cash or a vault stores gold. For large institutions like pension funds or investment firms, they typically require a trusted, regulated company to hold assets on their behalf. This is called custody. BNY is one of the biggest and most established custodian banks in the world. By adding support for XRP (a cryptocurrency used in Ripple's payment network) and RLUSD (a stablecoin, which is a type of cryptocurrency designed to hold a steady value like one U.S. dollar), BNY is making it possible for large institutional players to hold these assets through a traditional, regulated financial institution. Think of it like a well-known, trusted storage facility agreeing to store a new type of valuable item — it does not change the item's value, but it makes more people comfortable keeping it there.
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