BNY is deepening their bet on Ripple. But, why?

What’s happening:

  • BNY (NYSE: BNY) has expanded their partnership with Ripple to provide custody of XRP and RLUSD

Why it matters:

  • BNY has now added Ripple’s XRP and RLUSD to their institutional digital asset custody platform for the first time

Going deeper:

  • Ripple has publicly stated that they plan to collaborate with BNY to allow BNY’s clients to mint and redeem RLUSD directly through BNY and broaden support for tokenized assets and investment products issued on the XRP Ledger
  • BNY currently already provides custody for Ripple’s prime brokerage arm Ripple Prime which was formed from Ripple’s $1.25B USD acquisition of prime broker Hidden Road

The intrigue: