His ripple Announce A major upgrade to the Ripple Custody service, which aims to provide bank-grade cryptocurrency custody solutions to fintechs and cryptocurrency companies. Improvements include integration with compliance tools, expanded Hardware Security Module (HSM) options, support for tokenization of real-world assets on the XRP Ledger (XRPL), pre-configured 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 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 high-growth cryptocurrency and fintech companies from By storing digital assets securely and scalably.
Ripple is updating its cryptocurrency custody solution
The updated service now supports XRPL’s tokenization features, enabling companies to manage a variety of assets, including cryptocurrencies, fiat currencies and real assets. This integration facilitates the issuance and transfer of digital assets directly from the platform.
It also provides access to the native decentralized exchange XRP Ledger (DEX). “This allows (a) integration of XRPL fungible tokens, creating new opportunities for digital representation of assets and unlocking liquidity. With the native DEX platform supported on XRPL, companies can trade assets seamlessly and with minimal fees.”
Among the key improvements is 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 will support additional compliance services in the future,” the press release said.
The platform now also offers customers the option to use HSMs on their preferred cloud providers, simplifying the setup and deployment experience. Furthermore, the user interface has been updated to improve ease of use, and integrations with external identity providers enable users to log in using their preferred OAuth or OIDC-based systems.
Ripple Custody saw 250% year-on-year growth in the number of new customers, reflecting growing demand for secure and compliant digital asset custody solutions. The service is available in major financial markets, including the US, Switzerland, Germany, France, the UK, Singapore and Hong Kong. Notable clients include BBVA Switzerland, Société Générale – FORGE, DBS, RULEMATCH, Archax and Futureverse.
Industry forecasts indicate that the volume of crypto assets under custody 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 major infrastructure provider in the digital assets space, offering services that enable financial institutions to tokenize, store, exchange and transfer digital assets.
The company serves customers in more than 55 countries, with payment capabilities in more than 80 markets, and holds more than 55 regulatory licenses and registrations across various jurisdictions. Last year, Ripple expanded its cryptocurrency custody capabilities with the acquisition of Metaco. Earlier this year, Ripple continued its strides in the cryptocurrency custody market by acquiring Standard Custody & Trust Company.
The new compliance integrations are scheduled to be available to select customers in December 2024, with general availability expected in early 2025. Pre-built policy frameworks are expected to be released early next year, in line with the growing need for cutting-edge digital asset management solutions.
At press time, XRP was trading at $0.5275.
Featured image from Merkle News, chart from TradingView.com