Key Points
- Ripple has launched new features for its Custody solution, including transaction screening, hardware security module options, and XRPL integration for tokenizing real-world assets.
- The company reports 250% year-over-year new customer growth for Ripple Custody, serving major financial institutions across global markets.
Ripple Expands Custody Capabilities to Meet Growing Demand
In a move that underscores the growing importance of secure digital asset management, Ripple has announced significant enhancements to its Custody solution. The leading provider of digital asset infrastructure revealed today that it is bringing bank-grade custody technology to fintech and crypto-native businesses, with a suite of new features designed to improve security, compliance, and functionality.
The update comes at a crucial time for the industry, with crypto assets under custody expected to reach a staggering $16 trillion by 2030. Moreover, projections suggest that 10% of the world’s GDP could be tokenized within the same timeframe, highlighting the urgent need for robust custody solutions.
New Features Target Security and Compliance
At the heart of Ripple’s update is a focus on security and regulatory compliance. The integration of transaction screening services from Elliptic aims to help customers monitor transactions in real-time and assess risks based on defined policies. This move is likely to be welcomed by regulators and institutions alike, as it addresses one of the key concerns in the crypto space: the ability to detect and prevent illicit activities.
Additionally, Ripple is offering new hardware security module (HSM) options, including AWS CloudHSM, which simplifies the onboarding and deployment experience for customers. This flexibility in choosing cloud providers for HSM could be a game-changer for businesses looking to scale their digital asset operations while maintaining top-tier security standards.
XRPL Integration Opens New Doors for Tokenization
Perhaps the most intriguing aspect of the update is the integration with the XRP Ledger (XRPL) for tokenizing real-world assets (RWA). This feature enables businesses to issue and manage a wide range of tokenized assets, from cryptocurrencies to fiat currencies and beyond. The integration also provides access to XRPL’s native decentralized exchange, offering efficient, low-fee trading of tokenized assets.
Aaron Slettehaugh, SVP of Product at Ripple, emphasized the significance of this development: “Ripple’s custody technology offers a single platform for safeguarding and managing digital assets, designed with the security and compliance standards that top global banks and financial institutions have come to rely on.”
As the digital asset landscape continues to evolve, Ripple’s enhanced Custody solution positions the company at the forefront of the industry’s infrastructure providers. With its impressive customer growth and expanding global footprint, Ripple seems well-equipped to meet the complex needs of both traditional financial institutions and emerging crypto businesses in the years to come.
