Ripple has introduced a new service that allows banks and fintech companies to store digital assets on behalf of their customers when filing cross-appeals with the U.S. Securities and Exchange Commission (SEC).
“Ripple’s custody technology is a digital asset storage technology designed with the security and compliance standards that the world’s top banks and financial institutions have come to trust,” said Aaron Sletehoe, Ripple’s senior vice president of products. It provides a single platform for protection and management.
These new updates to Ripple Custody include new transaction screening services, additional hardware security module (HSM) options, integration with the XRP Ledger (XRPL) for tokenizing real-world assets (RWA), and preconfigured This includes a new policy framework, and usability improvements.
The initiative, which Ripple describes as a “bank-grade custody solution,” is part of Ripple’s broader efforts to diversify beyond its core payments business with the Ripple Payments Platform. Using blockchain technology, Ripple Payments helps banks exchange up-to-date information about fund transfers within a global network.
Integrating XRPL functionality allows businesses to tokenize a variety of assets, including cryptocurrencies and fiat currencies, while leveraging XRPL’s decentralized exchange for cost-effective transactions.
Ripple Custody has seen a 250% year-on-year increase in customer numbers and serves some of the world’s leading institutions such as BBVA Switzerland, DBS, and Société Générale – FORGE.
According to Boston Consulting Group, crypto assets under custody are expected to exceed $16 trillion by 2030.
Taiwan’s Financial Supervisory Commission (FSC) plans to launch a pilot program for virtual asset custody services in early 2025.
Taiwan’s financial regulator to launch digital asset custody trial in 2025
The initiative aims to provide a secure and regulated environment for banks to provide custody services for cryptocurrencies and other digital assets.
Meanwhile, Ripple Labs said it will file a cross-appeal in its fight with the SEC, aiming to protect its legal claims. Chief Legal Officer Stuart Alderroti said Ripple’s actions “leave no room for debate, including the argument that there can be no investment contract without the essential rights and obligations set forth in the contract.” It was explained that the purpose was to
In a “notice of appeal” to the Second Circuit Court of Appeals last week, the SEC challenged Judge Annalisa Torres’ two-month-old ruling.
Ripple was fined $125 million in early August, which CEO Brad Garlinghouse described as a “victory for Ripple.”
This number was just a fraction of what the Ripple community was potentially facing. Initially, regulators sought $1 billion in disgorgement and prejudgment interest and $900 million in civil penalties.
SEC appeal in Ripple case causes XRP to crash despite per-bit ETF application
The SEC reacted against Judge Torres’ ruling against Ripple, causing a decline in XRP. Meanwhile, Bitwise has officially filed an XRP ETF application with regulators.
Alderoti said that in the coming weeks both parties will be required to fill out a form providing a “fairly high-level overview” of their claims. However, regulators and the company will not go into details until the first brief is submitted.
“I don’t think people who are paying attention should be too concerned about these efforts to cause confusion, because I think the judge was right and the Court of Appeals will consider this issue. Because I think we should welcome the opportunity.” And finally, it brings us the clarity that we need,” Alderoti said.
“That’s in short supply and we don’t have it, but it’s going to be up to the courts, and we’re going to continue that fight and collect wins and bring clarity to the industry through the litigation process.” he said. Said.
