Ripple, the provider of digital asset infrastructure, announced the launch of new features and functionality to Ripple Custody, bringing the benefits of “bank-grade” custody technology to fintechs and crypto natives.
The update reportedly includes a transaction screening service integration, added hardware security module (HSM) options, an XRPL integration for tokenizing Real World Assets (RWA), pre-configured policy frameworks, as well as enhancements to the platform’s usability and user interface.
Ripple Custody provides the foundational capability for clients to build and scale business models in the digital asset economy by offering “mission-critical” software infrastructure to secure, transfer and settle “any type of tokenized financial asset.”
Custody is a key entry point into the digital asset economy, and it’s only “growing.”
The amount of crypto-assets custodied is expected to reach “at least $16T by 2030,” and moreover, 10% of the world’s GDP is expected to be tokenized by 2030.
As such, firms need secure, compliant options to store their crypto.
Aaron Slettehaugh, SVP of Product at Ripple said that Ripple’s custody tech offers a single platform for managing digital assets, designed with the security and compliance standards that top global banks and financial institutions have come to rely on.
Aaron added that with new features, Ripple Custody is expanding its capabilities to better serve high-growth crypto and fintech businesses with secure and scalable digital asset custody.
Ripple Custody currently supports XRP Ledger tokenization features, enabling businesses to tokenize and manage a range of assets, such as cryptocurrencies, fiat currencies, and real-world assets while facilitating digital asset issuance and secure transfers directly from its platform.
This integration also provides seamless access to the XRPL’s native decentralized exchange (DEX) for efficient, low-fee trading of any tokenized asset.
New features and functionality include:
- AWS CloudHSM – Ripple Custody is simplifying onboarding and deployment experience by providing customers the optionality to use HSM on a cloud provider of their choice.
- Pre-configured operational and policy frameworks – Deploy pre-configured Ripple Custody operational and policy frameworks with added features to simplify selecting, deploying, maintaining, and using the Ripple Custody platform.
- XRPL Integration – Allows for the integration of fungible XRPL tokens, creating new opportunities for asset digital representation and unlocking liquidity. With support for the native DEX on XRPL, companies can seamlessly trade assets with minimal fees.
- Compliance integrations – New integration with Elliptic for transaction screening services to help 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.
- Improved UI and Usability – Offering an updated and more intuitive UI to improve usability. Integrations with external identity providers, allow users to log in via their preferred OAuth or OIDC-based systems, providing greater flexibility and convenience for enterprise customers.
Ripple Custody is seeing momentum with 250% year-over-year new customer growth. Its solution is offered across the largest global financial markets including Switzerland, Germany, France, the United Kingdom, the United States, Singapore and Hong Kong.
Ripple Custody serves banks, financial institutions and crypto businesses around the world including BBVA Switzerland, Societe Generale – FORGE, DBS, RULEMATCH, Archax, Futureverse.
With its digital asset infrastructure, Ripple is -positioned to provide the “core services” that financial institutions need to tokenize, store, exchange and move digital assets.
Ripple serves customers in 55+ countries and on six continents, with payout capabilities in 80+ markets.
It has more than a decade of experience as a “regulated” business in the digital asset space and holds 55+ regulatory licenses and registrations.
New compliance integrations will be available in December 2024 to certain clients.
General availability is expected to start in early 2025. And pre-configured policies are said to be available early next year.