Has wrinkle announced a major upgrade to its Ripple Custody service, aiming to deliver bank-grade crypto custody solutions to fintech companies and crypto businesses. The improvements include integration with compliance tools, expanded hardware security module (HSM) options, support for tokenizing real-world assets on the XRP Ledger (XRPL), preconfigured policy frameworks, and an improved user interface, according to the official press release. .
“Ripple’s custody technology provides a unified platform for securing and managing digital assets, built with the security and compliance standards that global banks and financial institutions rely on. With these new features, Ripple Custody expands its capabilities to better serve fast-growing crypto and fintech companies with secure and scalable custody of digital assets,” said Aaron Slettehaugh, Senior Vice President of Product at Ripple.
Ripple updates its Crypto Custody solution
The updated service now supports tokenization features of the XRPL, allowing businesses to manage a wide range of assets including cryptocurrencies, fiat currencies and real world possessions. This integration facilitates the issuance and transfer of digital assets directly from the platform.
It also provides access to XRP Ledger’s own decentralized exchange (DEX). “This enables the integration of fungible XRPL tokens, creating new opportunities for digital representation of assets and unlocking liquidity. With support for the native DEX on XRPL, businesses can seamlessly trade assets at minimal costs,” Ripple said.
One of the key improvements is the integration with Elliptic for transaction screening services. “(It) helps customers monitor transactions in real time, better assess risks and make decisions based on defined risk policies to meet regulatory requirements and build trust. Ripple supports additionally compliance services in the future,” the press release reads.
The platform now also offers customers the ability to use HSMs with their preferred cloud providers, simplifying the onboarding and deployment experience. Additionally, the user interface has been updated for better usability, and integrations with third-party identity providers allow users to log in with their favorite OAuth or OIDC-based systems.
Ripple Custody has experienced 250% year-over-year growth in new customers, driven by increasing demand for secure and compliant digital asset custody solutions. The service is available in major financial markets including the United States, Switzerland, Germany, France, the United Kingdom, Singapore and Hong Kong. Notable clients include BBVA Switzerland, Société Générale – FORGE, DBS, RULEMATCH, Archax and Futureverse.
Industry forecasts suggest that the amount of crypto assets in custody could reach at least $16 trillion by 2030, with 10% of global GDP expected to be tokenized by the same year. Ripple is positioning itself as a major digital asset infrastructure provider, offering services that allow financial institutions to tokenize, store, exchange and move digital assets.
The company serves customers in more than 55 countries, with payout capabilities in more than 80 markets, and holds more than 55 regulatory licenses and registrations in various jurisdictions. Last year, Ripple expanded its crypto custody capabilities by acquiring Metaco. Earlier this year, Ripple continued its foray into the crypto custody market with the acquisition of Standard Custody & Trust Company.
The new compliance integrations are expected to be available to select customers in December 2024, with general availability expected in early 2025. Pre-configured policy frameworks are expected to be released early next year, in line with the growing need for advanced digital asset management solutions.
At the time of writing, XRP was trading at $0.5275.
Featured image from The Merkle News, chart from TradingView.com