Ripple has unveiled a significant upgrade to its Ripple Custody service, designed to provide top-tier crypto custody solutions to fintech firms and crypto enterprises. This latest enhancement integrates compliance tools, expands hardware security module (HSM) options, and introduces support for tokenizing real-world assets on the XRP Ledger (XRPL). Additionally, it includes pre-configured policy frameworks and an improved user interface, as detailed in their official press release.
Revolutionizing Digital Asset Management with Ripple Custody
Ripple Custody is engineered to offer a unified platform for securing and managing digital assets, adhering to the stringent security and compliance standards trusted by global banks and financial institutions. According to Aaron Slettehaugh, Senior Vice President of Product at Ripple, “With these new features, Ripple Custody is expanding its capabilities to better serve high-growth crypto and fintech businesses with secure and scalable digital asset custody.”
Expanded Tokenization Features on XRPL
The updated service now supports the tokenization features of the XRPL, allowing businesses to manage a wide variety of assets, including cryptocurrencies, fiat currencies, and real-world assets. This integration enables the issuance and transfer of digital assets directly from the platform, offering companies an efficient way to engage in asset management.
Access to XRP Ledger’s Native Decentralized Exchange
Ripple’s enhancements include access to the XRP Ledger’s native decentralized exchange (DEX). This feature facilitates the integration of fungible XRPL tokens, creating new possibilities for asset digital representation while unlocking liquidity. With support for the native DEX on XRPL, companies can seamlessly trade assets with minimal fees, enhancing their operational efficiency.
Integrating Advanced Compliance and Security Measures
A key upgrade includes integration with Elliptic for transaction screening services, which helps customers monitor transactions in real-time. This feature enables better risk assessment and decision-making based on defined risk policies, meeting regulatory requirements and fostering trust. Ripple plans to incorporate additional compliance services in the future to further enhance its offerings.
Streamlined Onboarding and Enhanced Usability
The platform now offers customers the choice to utilize HSMs on their preferred cloud providers, simplifying the onboarding and deployment process. The user interface has been refined for improved usability, and integrations with external identity providers allow users to log in using their preferred OAuth or OIDC-based systems.
Growing Demand and Industry Impact
Ripple Custody has witnessed a remarkable 250% year-over-year growth in new customers, highlighting the increasing demand for secure and compliant digital asset custody solutions. The service is available in prominent financial markets, including the United States, Switzerland, Germany, France, the United Kingdom, Singapore, and Hong Kong. Esteemed clients such as BBVA Switzerland, Société Générale – FORGE, DBS, RULEMATCH, Archax, and Futureverse trust Ripple Custody for their digital asset management needs.
The Future of Digital Assets and Ripple’s Role
Industry forecasts predict that the volume of crypto assets under custody could reach a staggering $16 trillion by 2030, with 10% of the world’s GDP expected to be tokenized by the same year. Ripple positions itself as a pivotal infrastructure provider in the digital asset space, offering services that enable financial institutions to tokenize, store, exchange, and move digital assets efficiently.
Global Reach and Regulatory Compliance
Ripple serves customers in over 55 countries, providing payout capabilities in more than 80 markets. The company holds over 55 regulatory licenses and registrations across various jurisdictions, ensuring compliance and fostering global trust. Last year, Ripple expanded its crypto custody capabilities by acquiring Metaco. Continuing its progress in the crypto custody market, Ripple acquired Standard Custody & Trust Company earlier this year.
Looking Ahead: Upcoming Features and Availability
The new compliance integrations are scheduled to become available to select customers in December 2024, with general availability anticipated in early 2025. Pre-configured policy frameworks are expected to launch early next year, aligning with the growing demand for sophisticated digital asset management solutions. These advancements underscore Ripple’s commitment to innovation and excellence in the crypto custody domain.
At the time of writing, XRP is trading at $0.5275, maintaining its position above the trend line.
