Ripple Custody has been upgraded to provide bank-grade crypto custody solutions to fintech and crypto companies. According to the official press release, the additions include compliance tool integration, additional hardware security module (HSM) choices, support for tokenizing real-world assets on the XRP Ledger (XRPL), pre-configured policy frameworks, and an enhanced user interface.
Ripple's custody technology ensures digital asset protection and management with global bank and financial institution security and compliance requirements. Ripple Custody is adding these features to better support high-growth crypto and fintech organizations with safe and scalable digital asset custody, said Aaron Slettehaugh, Senior Vice President of Product.
Ripple Upgrades Crypto Custody
The upgraded service supports XRPL tokenization, allowing companies to handle cryptocurrencies, fiat money, and real-world assets. Direct platform digital asset issuance and transfers are possible with this connection.
It also offers XRP Ledger's native DEX. The incorporation of fungible XRPL tokens opens up asset digital representation and liquidity. Ripple says enterprises may trade assets easily with low costs on XRPL's native DEX.
Integration with Elliptic for transaction screening is a major improvement. It enables clients monitor transactions in real time, analyze risks, and make choices based on risk rules to fulfill regulations and develop trust. Ripple will enable more compliance services, says the press release.
The platform now lets clients utilize HSMs on their chosen cloud providers, easing onboarding and implementation. User interface updates improve usability, while interfaces with external identity providers let users log in using their chosen OAuth or OIDC systems.
Ripple Custody has grown 250% year-over-year in new clients, showing demand for safe and compliant digital asset custody solutions. Major financial markets including the US, Switzerland, Germany, France, the UK, Singapore, and Hong Kong provide the service. BBVA Switzerland, SGIF, DBS, RULEMATCH, Archax, and Futureverse are customers.
Industry estimates put crypto assets under custody at $16 trillion by 2030, with 10% of the world's GDP tokenized. Ripple helps financial institutions tokenize, store, trade, and transport digital assets as a digital asset infrastructure provider.
The firm has over 55 regulatory licenses and registrations and services clients in over 55 countries with payment capabilities in over 80 markets. Ripple acquired Metaco last year to broaden its crypto custody. Ripple expanded its crypto custody industry with the purchase of Standard Custody & Trust Company this year.
Select clients will get the updated compliance integrations in December 2024, with broad availability in early 2025. Due to the increased need for advanced digital asset management solutions, pre-configured policy frameworks are expected early next year.
