U.S. blockchain startup Ripple made a major foray into crypto custody on Thursday, launching new services aimed at helping banks and financial technology firms to store digital assets on behalf of clients.

The San Francisco-based company told CNBC it is debuting a slew of features to enable its banking and fintech clientele to keep and maintain digital tokens — as part of a broader push into custody, a nascent business for Ripple under its recently formed Ripple Custody division.

These features include pre-configured operational and policy settings, integration with Ripple’s XRP Ledger blockchain platform, monitoring of anti-money laundering risks to maintain compliance, and a new user interface that’s easier to use and engage.

The move will help Ripple, which is primarily known for the XRP cryptocurrency and its RippleNet platform, to diversify beyond its core payment settlement business. RippleNet is a messaging platform based on blockchain — the technology that underpins cryptocurrencies such as bitcoin — which lets banks share updates on the status of money movements in a global, distributed network.

Thursday’s development marks Ripple’s first significant move to consolidate its custody products under one brand, Ripple Custody, and take on a slew of companies that already offer products and services in this space, such as Coinbase, Gemini, and Fireblocks.

Custody is a nascent but fast-growing space within the digital asset space. Custodians play a key role in the crypto market, helping clients safeguard private keys, which are the alphanumeric codes required to unlock access to digital assets and authorize transactions.

Custodians don’t just store crypto. They also help with payments and settlements, trading, and ensuring regulatory compliance with global laws governing digital currencies. The crypto custody market is forecast to reach at least $16 trillion by 2030, according to the Boston Consulting Group.

Ripple said that custody is one of the fastest-growing areas for the startup, with Ripple Custody posting customer growth of over 250% year-over-year growth this year and operating in seven countries. It counts the likes of HSBC, the Swiss arm of BBVA, Societe Generale and DBS as clients.

Gambling that a growing number of real-world assets will become tradable as digital tokens in the future, Ripple said it will allow customers of its custody services to tokenize real-world assets — think fiat currencies, commodities like gold and oil or real estate — by using XRP Ledger.

Ripple said that the integration with its XRP Ledger tech would give firms access to its own native decentralized exchange, a platform that helps match buyers and sellers of a range of digital assets without any middlemen involved for faster, low-fee trading.

“With new features, Ripple Custody is expanding its capabilities to better serve high-growth crypto and fintech businesses with secure and scalable digital asset custody,” Aaron Slettehaugh, senior vice president of product at Ripple, said in a statement shared with CNBC on Thursday.

Last year, Ripple acquired Metaco, a firm that helps other entities store and manage their crypto, in a bid to boost its nascent crypto custody business. The company this year also acquired Standard Custody & Trust Company, another crypto custody firm, to further bolster its efforts.

Ripple’s diversification bid comes at a tenuous time for XRP. Last week, the price of the XRP cryptocurrency tumbled sharply after the U.S. Securities and Exchange Commission filed to appeal a 2023 court ruling that the token should not be considered a security when sold to retail investors.

As the largest holder of XRP coins, Ripple has long battled the SEC over allegations that it sold the cryptocurrency in an illegal securities offering. Ripple denies the cryptocurrency should be considered a security.