The firm behind XRP has announced the launch of several new features and functionalities for Ripple Custody. With this, the company aims to improve its custody technology for fintech and crypto users.
Crypto custody is a relatively new area for the entity, which has streamlined its efforts under the recently launched Ripple Custody division.
Expansion of Ripple Custody
According to its official press release, the latest update includes the integration of a transaction screening service, additional hardware security module (HSM) options, integration with the XRPL for tokenizing Real World Assets (RWA), pre-configured policy frameworks, and improvements to the platform’s usability and user interface.
Ripple said that custody is an essential aspect of the expanding digital asset economy. By 2030, the value of crypto assets in custody is expected to reach a minimum of $16 trillion, and it is estimated that 10% of the global GDP will be tokenized, according to a recent study conducted by Boston Consulting Group and private market exchange ADDX.
Amidst this anticipated growth in custody, the San Francisco-based blockchain company has reported significant progress within its own services with Ripple Custody. Its new customer acquisition has increased by 250% year-over-year. The service is available in major global financial markets, including Switzerland, Germany, France, the United Kingdom, the United States, Singapore, and Hong Kong.
Currently, Ripple Custody caters to leading banks, financial institutions, and crypto companies worldwide, such as BBVA Switzerland, Societe Generale – FORGE, DBS, RULEMATCH, Archax, Futureverse, and others.
Weighing on the launch, Aaron Slettehaugh, SVP of Product at Ripple, commented,
“Ripple’s custody technology offers a single platform for safeguarding and managing digital assets, designed with the security and compliance standards that top global banks and financial institutions have come to rely on. With new features, Ripple Custody is expanding its capabilities to better serve high-growth crypto and fintech businesses with secure and scalable digital asset custody.”
Meanwhile, the upcoming compliance integrations are set to be released to a limited group of customers in December 2024. A broader rollout is expected in early 2025. Pre-configured policies, on the other hand, will be accessible early next year.
Increased Demand for Custody Offerings
The latest development comes amidst financial institutions increasingly looking to offer custody services for crypto assets as a result of heightened demand. This week, Taiwan’s Financial Supervisory Commission (FSC) announced plans to establish a sandbox for crypto custody services, with application collection set to begin in the first quarter of 2025.
As reported earlier, three private banks in Taiwan have already indicated interest in this emerging sector.
Consumer banking corporation Standard Chartered also started its digital asset custody services in the United Arab Emirates last month, starting with Bitcoin after having acquired a license from the Dubai Financial Services Authority.