Ripple Upgrades Custody Service for Crypto Firms
Ripple launches upgraded custody service with bank-grade security, aiming to support fintech and crypto firms in managing digital assets securely.
Ripple has unveiled an enhanced version of its Ripple Custody service designed to offer bank-grade security for digital assets. The update aims to support fintech firms and crypto businesses by integrating compliance tools, expanded security options, and a user-friendly interface, as outlined in its recent press release.
The new features include support for tokenizing real-world assets on the XRP Ledger (XRPL), enabling secure management of various digital and fiat assets. Ripple’s platform now allows digital asset issuance and transfers, providing direct access to the XRP Ledger’s native decentralized exchange (DEX) for low-cost trading.
Ripple’s Senior Vice President of Product, Aaron Slettehaugh, stated that their technology offers a unified platform built with security standards trusted by global financial institutions. These enhancements aim to cater to high-growth businesses by providing scalable and secure custody solutions.
One major upgrade is the integration with Elliptic for real-time transaction monitoring. This strengthens compliance by helping clients assess risks, meet regulatory standards, and build trust. Ripple also added support for HSMs on various cloud platforms, making onboarding smoother. Other updates include an improved interface and integration with external identity providers for secure logins.
Ripple Custody has experienced a 250% growth in new customers in the past year, highlighting the increased demand for compliant digital asset solutions. The service is now available in key financial markets, such as the US, Switzerland, Germany, and Singapore, with notable clients like BBVA Switzerland and DBS.
Industry experts predict that crypto assets under custody could exceed $16 trillion by 2030, with 10% of the world’s GDP expected to be tokenized by then. Ripple is positioning itself as a leading provider of digital asset infrastructure, supporting institutions in tokenizing, storing, and trading assets.
Ripple serves clients in over 55 countries and holds more than 55 regulatory licenses worldwide. In 2023, Ripple expanded its services by acquiring Metaco and Standard Custody & Trust Company, further strengthening its role in the crypto custody market.
The new compliance tools will be available to select clients in December 2024, with a full launch set for early 2025. Ripple’spre-configured policy frameworks will also be released next year, aligning with the growing demand for advanced digital asset management solutions.
