Crypto
- Ripple is foraying into the crypto custody market with Ripple Custody, offering a secure platform for crypto, fintech, and traditional businesses to store, transfer, and settle tokenised assets.
- New features for Ripple Custody include hardware security module (HSM) options, transaction screening, and RWA tokenisation on the XRP Ledger.
- Additional compliance services and features are set to roll out by late 2024 and early 2025 to meet evolving regulatory needs.
Despite regulatory challenges and its battle with the Securities and Exchange Commission (SEC), Ripple continues to work and enhance some of its key products and divisions.
Just recently, the firm announced the launch of Ripple Custody — a secure platform for businesses to store, transfer, and settle tokenised financial assets. It will provide bank-grade technology tailored for the digital economy.
Ripple Targeting a $16T Market
Shortly after its launch, Ripple announced new features for Ripple Custody that will support fintechs and crypto-native businesses.
The updates include advanced security measures, such as hardware security module (HSM) options and transaction screening services, along with integrations for tokenising real-world assets (RWA) on the XRP Ledger (XRPL).
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Ripple’s president, Monica Long, said Ripple Custody is the “de facto tech used by the biggest banks in the world”. This includes banks like BBVA, Singapore’s DBS, and Societe Generale Group.
Ripple Custody is the de facto tech used by the biggest banks in the world incl. DBS, SocGen – FORGE, and BBVA. Now, we’re adding pre-configured operational & policy frameworks, additional HSM options, XRPL fungible token support and compliance services via @elliptic – bringing… https://t.co/qGYzN4dZTE
— Monica Long (@MonicaLongSF) October 10, 2024
The crypto custody market is predicted to reach US$16T (AU$23.7T) by 2030. Therefore, Ripple seeks to position itself as a crucial player in the sector. The company estimates that 10% of global GDP will be tokenised by that time, underscoring the need for secure and compliant solutions.
The firm also said new compliance services and features will roll out in late 2024 and early 2025.
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Aaron Slettehaugh, Senior Vice President of Product at Ripple, said the new features expand Ripple Custody’s capabilities to better serve crypto companies and fintech businesses.
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.
Aaron Slettehaugh, SV
