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In a significant move to strengthen its position in the digital asset infrastructure space, Ripple announced a significant expansion of its custody services.
The San Francisco-based blockchain company announced a series of new features for Ripple custody on Wednesday. This feature aims to provide bank-grade tools to fintech and crypto-native businesses.
The move comes days after global financial messaging system Swift announced plans to support regulated digital assets in its global payments services. Although Swift’s announcement did not specifically mention XRP, it prompted speculation about which digital assets would be included and highlighted the growing integration of blockchain technology in traditional finance.
Aaron Threathoe, Ripple’s senior vice president of products, said in the announcement, highlighting the platform’s security and compliance standards. Institutions have come to trust. ”
In particular, enhanced Ripple Custody includes several key features designed to meet the growing demands of the digital asset economy. Among them: integration with the XRP Ledger (XRPL) for tokenizing real-world assets, new Hardware Security Module (HSM) options, a preconfigured policy framework, and improvements to the user interface and usability. and so on.
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One of the standout additions is XRPL integration. This allows businesses to tokenize and manage a wide range of assets, including cryptocurrencies, fiat currencies, and real-world assets. This feature also provides access to XRPL’s native decentralized exchange (DEX), facilitating efficient and low-fee trading of tokenized assets.
As part of its efforts to strengthen its compliance measures, Ripple has also announced that it has partnered with Elliptic to integrate transaction review services. This integration aims to enable customers to monitor transactions in real-time, assess risks, and make decisions based on defined risk policies to meet regulatory requirements.
Meanwhile, the expansion comes at a time of significant growth for Ripple Custody, which reports a 250% year-over-year increase in new customers. Ripple Custody currently serves top-tier banks, financial institutions, and crypto businesses in major financial markets around the world, including Switzerland, Germany, France, the UK, the US, Singapore, and Hong Kong.
Ripple CEO Monica Long highlighted the platform’s enterprise-grade features in a tweet, saying, “Ripple Custody is used by the world’s largest banks, including DBS, SocGen—FORGE, and BBVA. It is the de facto technology that exists.”
“We now add pre-configured operational and policy frameworks, additional HSM options, support for XRPL alternative tokens, and compliance services through Elliptic, making this enterprise-grade offering available to cryptocurrency businesses.” she added.
Still, the move positions Ripple to take advantage of a growing custody market that industry forecasts are expected to reach at least $16 trillion by 2030. With 10% of global GDP expected to be tokenized by the same year, Ripple’s expanded custody services will provide the secure, compliant, and flexible options needed to store and manage crypto assets. The purpose is
