Ripple Unveils Enhanced Features for Ripple Custody to Empower Fintechs and Crypto Businesses

Ripple, a leader in digital asset infrastructure, has introduced new features and functionalities for Ripple Custody, expanding its bank-grade custody technology to serve fintech companies and cryptocurrency-centric businesses better. 

According to the firm, the latest enhancements include transaction screening integration, additional hardware security options, XRPL-based tokenization for real-world assets (RWA), pre-configured policy frameworks, and upgrades to the platform’s interface and usability. Ripple Custody aims to provide the foundational infrastructure for businesses to innovate and scale in the digital asset space, ensuring the secure management, transfer, and settlement of various tokenized financial assets. 

As the demand for custody services grows, Ripple’s platform continues to cater to the increasing need for reliable, compliant, and versatile solutions for storing digital assets. With projections estimating crypto asset custody to exceed $16 trillion by 2030 and 10% of global GDP expected to be tokenized by then, robust custody options are becoming essential for companies navigating the evolving digital economy.

“Ripple’s custody platform offers a comprehensive solution for securing and managing digital assets, designed to meet the stringent security and compliance standards trusted by leading banks and financial institutions worldwide. The new features extend Ripple Custody’s capabilities, empowering fast-growing crypto and fintech firms with secure, scalable solutions for digital asset management.” Said Aaron Slettehaugh, Ripple’s Senior Vice President of Product. 

Enabling Asset Tokenization and Seamless Trading on the XRPL

Among the newly launched capabilities, Ripple Custody now supports the XRP Ledger (XRPL) for tokenization, enabling businesses to digitize and oversee various assets such as cryptocurrencies, fiat, and real-world assets. This integration also offers direct access to the XRPL’s native decentralized exchange (DEX), facilitating cost-efficient trading of any tokenized asset.

Ripple Custody has introduced several new features to enhance its platform’s functionality and user experience. The latest update includes AWS CloudHSM, which simplifies the onboarding process by allowing customers to utilize Hardware Security Modules (HSM) on their preferred cloud platform. Additionally, companies can now deploy pre-configured policy frameworks, which streamline the setup and maintenance of the platform. Integration with the XRP Ledger (XRPL) allows for the representation of digital assets and unlocks liquidity, with further enhancements from DEX integration facilitating seamless, low-cost trading. 

A significant addition is the compliance integration with Elliptic, offering real-time transaction screening services that help assess risk and ensure alignment with regulatory standards, thereby building trust. Looking ahead, more compliance features are planned. Moreover, upgrades to the user interface and usability, including integration with external identity providers through OAuth and OIDC-based systems, have significantly enhanced the platform’s convenience and flexibility for enterprise clients.

Growing Adoption and Global Reach

Ripple Custody has witnessed a 250% growth in new customers year-over-year, with its offerings reaching major financial hubs, including Switzerland, Germany, the UK, the U.S., Singapore, and Hong Kong. Its clientele comprises top-tier banks, financial institutions, and crypto firms such as BBVA Switzerland, Societe Generale – FORGE, DBS, RULEMATCH, Archax, and Futureverse.

Positioned as a comprehensive provider of secure and compliant digital asset infrastructure, Ripple has accumulated over a decade of regulatory experience in the sector. It holds more than 55 licenses and registrations across various jurisdictions. Its global network spans over 55 countries, with payout capabilities in over 80 markets.

The newly integrated compliance features will be available to select customers starting December 2024, with a wider release in early 2025. Pre-configured policy frameworks are expected to launch in the first quarter of next year.