Ripple Enhances Ripple Custody with New Features and Functionalities for Fintech and Crypto Businesses

Ripple, a leader in digital asset infrastructure, has announced exciting new features and functionalities for Ripple Custody, aimed at providing bank-grade custody solutions to fintech companies and cryptocurrency-centric businesses. The latest enhancements include transaction screening integration, additional hardware security options, XRPL-based tokenization for real-world assets, pre-configured policy frameworks, and upgrades to the platform’s interface and usability.

With the demand for custody services on the rise, Ripple Custody is evolving to meet the needs of businesses looking for secure, compliant, and versatile solutions for storing digital assets. As projections estimate crypto asset custody to exceed $16 trillion by 2030 and 10% of global GDP to be tokenized by then, robust custody options are becoming essential for companies navigating the digital economy.

Aaron Slettehaugh, Ripple’s Senior Vice President of Product, highlighted the platform’s comprehensive solution for securing and managing digital assets, designed to meet stringent security and compliance standards trusted by leading banks and financial institutions worldwide. The new features extend Ripple Custody’s capabilities, empowering fast-growing crypto and fintech firms with secure, scalable solutions for digital asset management.

One of the key additions to Ripple Custody is its support for the XRP Ledger (XRPL) for tokenization, enabling businesses to digitize and oversee various assets such as cryptocurrencies, fiat, and real-world assets. This integration also provides direct access to the XRPL’s native decentralized exchange (DEX), facilitating cost-efficient trading of tokenized assets.

The platform has introduced several new features to enhance functionality and user experience, including AWS CloudHSM for simplified onboarding, pre-configured policy frameworks, compliance integration with Elliptic for real-time transaction screening, and upgrades to the user interface and usability. Ripple Custody has seen a 250% growth in new customers year-over-year, with a global reach spanning over 55 countries and payout capabilities in over 80 markets.

The newly integrated compliance features will be available to select customers starting December 2024, with a wider release planned for early 2025. Pre-configured policy frameworks are expected to launch in the first quarter of next year, further solidifying Ripple Custody’s position as a comprehensive provider of secure and compliant digital asset infrastructure.