As a seasoned crypto investor with over a decade of experience navigating the digital asset landscape, I find Ripple’s latest upgrade to its Ripple Custody service as a strategic move that aligns with the growing demand for secure and compliant digital asset custody solutions.
Ripple has unveiled significant improvements in its Ripple Custody service, with a focus on providing top-tier crypto storage solutions for financial technology companies and cryptocurrency businesses. The updates involve integrating compliance software, offering more choices for hardware security modules (HSMs), enabling the tokenization of real-world assets using the XRP Ledger (XRPL), setting up pre-defined policy frameworks, and enhancing the user interface, as stated in the official statement.
Aaron Slettehaugh, Senior Vice President of Product at Ripple, explained that their custody technology offers a single, robust platform for safeguarding and administering digital assets. This platform adheres to the stringent security and compliance guidelines preferred by global banks and financial institutions. With these latest additions, Ripple Custody is enhancing its functionalities to cater more effectively to rapidly expanding crypto and fintech companies, ensuring secure and adaptable digital asset storage.
Ripple Updates Its Crypto Custody Solution
The updated service now supports tokenization features of the XRPL, enabling businesses to manage a diverse range of assets, including cryptocurrencies, fiat currencies, and real-world assets. This integration facilitates digital asset issuance and transfers directly from the platform.
Additionally, it grants access to a built-in decentralized exchange (DEX) within the XRP Ledger. This facilitates the incorporation of interchangeable XRPL tokens, opening up fresh avenues for digital asset representation and enhancing liquidity. By offering support for the native DEX on the XRP Ledger, businesses can effortlessly trade assets with low transaction fees according to Ripple’s statement.
“One of the significant advancements is linking up with Elliptic for real-time transaction monitoring services. This allows customers to evaluate risks more accurately, make informed decisions based on predetermined risk policies, and adhere to regulatory standards while fostering trust. Ripple plans to offer additional compliance services in the future as stated in the press release.
As an analyst, I’m excited to share that our platform now empowers customers to leverage HSMs on their chosen cloud platforms, streamlining the onboarding and deployment process for a smoother experience. Additionally, we’ve given our user interface a fresh update to enhance usability, making it more intuitive for all users. Furthermore, integrations with external identity providers allow for seamless login using preferred OAuth or OIDC systems.
Ripple Custody has seen a significant surge of 250% in new customers annually, indicating a rising need for safe and regulation-compliant digital asset storage services. This service is accessible in prominent financial sectors worldwide, such as the U.S., Switzerland, Germany, France, the UK, Singapore, and Hong Kong. Notable clients for Ripple Custody include BBVA Switzerland, Société Générale FORGE, DBS Bank, RULEMATCH, Archax, and Futureverse.
Predictions indicate that the value of crypto holdings could surpass $16 trillion by 2030, potentially with 10% of global GDP being represented by digital tokens by the same year. Ripple positions itself as a crucial infrastructure provider in the realm of digital assets, providing services for financial institutions to tokenize, safeguard, trade, and transfer these digital assets.
As an analyst, I can share that my company caters to clients in over 55 nations globally, and we boast payout abilities in more than 80 financial markets. Moreover, we’ve amassed over 55 regulatory licenses and registrations across multiple regions. Last year, our crypto custody capabilities grew exponentially with the acquisition of Metaco. Earlier this year, we further solidified our presence in the crypto custody sector by acquiring Standard Custody & Trust Company.
Select customers will have access to the new compliance integrations by December 2024, with a broader release set for early 2025. Advanced policy frameworks tailored for digital assets are slated for launch in the coming year, addressing the increasing demand for sophisticated digital asset management tools.
At press time, XRP traded at $0.5275.
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2024-10-11 03:11