Ripple does announced a significant update to Ripple Custody, aimed at providing banking-grade cryptocurrency custody solutions to fintech and cryptocurrency companies. According to the official press release, enhancements include integration with compliance tools, expanded hardware security module (HSM) options, support for real asset tokenization on the XRP Ledger (XRPL), a pre-configured policy framework, and an improved user interface. .
“Ripple’s custody technology provides a unified platform for securing and managing digital assets, built on 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 rapidly growing cryptocurrency and fintech companies with secure and scalable storage of digital assets,” said Aaron Slettehaugh, senior vice president of product at Ripple.
Ripple updates its Crypto Custody solution
The updated service now supports XRPL tokenization features, enabling companies to manage a diverse range of assets, including cryptocurrencies, fiat currencies and real-world assets. This integration facilitates the issuance and transfer of digital assets directly from the platform.
It also provides access to the native decentralized exchange (DEX) XRP Ledger. “This [a]enables the integration of fungible XRPL tokens, creating fresh opportunities for digital representation of assets and unlocking liquidity. By supporting a native DEX on XRPL, companies can seamlessly trade assets with minimal fees,” Ripple states.
The most vital improvements include integration with the Elliptic system for transaction monitoring services. “[It] helps clients monitor transactions in real time, better assess risk and make decisions based on defined risk policies to meet regulatory requirements and build trust. “Ripple will support additional compliance services in the future,” the press release reads.
The platform now also offers customers the option to employ HSMs from their preferred cloud service providers, simplifying the onboarding and deployment process. Moreover, the user interface has been updated for improved usability, and integrations with third-party identity providers allow users to log in using their preferred OAuth or OIDC-based systems.
Ripple Custody has seen a 250% year-over-year boost in fresh customers, reflecting the growing demand for secure and compliant digital asset storage 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 held could reach at least $16 trillion by 2030, with 10% of global GDP expected to be tokenized by the same year. Ripple positions itself as a key infrastructure provider in the digital asset space, offering services that enable financial institutions to tokenize, store, exchange and transfer digital assets.
The company serves customers in over 55 countries, offers withdrawal options in over 80 markets and has over 55 regulatory licenses and registrations in various jurisdictions. Last year, Ripple expanded its cryptocurrency custody capabilities by acquiring Metaco. Earlier this year, Ripple continued its expansion into the cryptocurrency market by acquiring Standard Custody & Trust Company.
The fresh compliance integrations are expected to be available to select customers in December 2024, with general availability expected in early 2025. The pre-configured policy framework is expected to be released early next year, meeting the growing demand for advanced management solutions digital resources.
At press time, XRP was trading at $0.5275.
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