Crypto company Ripple has revealed how it is capturing the projected $16 trillion tokenization industry by onboarding several institutions to the platform XRP Ledger (XRPL). The company mentioned security and how its custodial services aid solve this problem.
Ripple comments on how it is capturing the tokenization industry with its XRP ledger
In Post XRipple has indicated that it has managed to capture part of a projected $16 trillion industry into the market XRP Ledger through the appropriate security it provides to institutions. The crypto company said it provides a security environment that reflects the stringency of the banks it serves by combining HSM with FIPS-certified hardware to provide scalable security. This way, they can protect resources without sacrificing operational speed.
Ripple further noted that legal integration into the global financial system requires verification. Therefore, they are SOC 2 Type II i compliant ISO 27001 standardsensuring that the infrastructure of these tokenizing institutions on XRP Ledger complies with the necessary regulations.
Commenting on this, Ripple’s Chief Information Security Officer Akshay Wattal said that in cryptography, security is not a feature but the basis of institutional trust. He added this effective care it requires in-depth architecture, battle-tested cryptography, and the management rigor of a global financial institution.
Specifically, Ripple provides custody solutions to global banks including BBVA, SG Fogre, DBS Bank and DZ Bank. However, these banks have not yet tokenized the XRP ledger, even though institutions are starting to take advantage of this $16 trillion industry. The crypto company continues to propose several ways to bring these institutions online.
One of Ripple’s proposals is to introduce confidential multi-function tokens (MPT) on the XRP ledger to ensure privacy for these institutions. The company’s developer, Ayo Akinyele, also recently proposed native XRP staking on the network, which could force these institutions to apply XRPL because they can make money this way.
Progress on other sides of your business
In addition to custody services, Ripple is also making progress in other areas of its business, which also increases the value of the XRP Ledger. The the company announced Yesterday, it established cooperation with the fintech company RedotPay, which integrated Ripple payments to launch the cryptocurrency conversion feature for Nigerian users.
This development also provides a huge boost for XRP, which will be one of the supported assets under RedotPay’s “Send Cryptocurrency, Receive NGN” feature. Ripple has revealed that there are plans to support the RLSUD stablecoin in the future. Meanwhile, Bitcoinist reported that the crypto company scored a large win after Approved by the Monetary Authority of Singapore extended scope of payment activities for the company. This allows Ripple to expand the range of regulated payment services it offers in the country.
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