Ripple, the firm behind XRP, has unveiled new features for its custody division. The move aims to enhance its technology for fintech and crypto users. Ripple Custody, a relatively new area for the company, has seen rapid growth.
The update includes several key additions, for instance, a transaction screening service has been integrated. New hardware security module options are now available as the platform now integrates with XRPL for tokenizing Real World Assets. Pre-configured policy frameworks have been introduced and the user interface has been improved.
Ripple sees custody as crucial in the digital asset economy. By 2030, crypto assets in custody could reach $16 trillion. A Boston Consulting Group and ADDX study suggests 10% of global GDP may be tokenized by then. The company reports significant progress in its custody services. New customer acquisition has surged 250% year-over-year.
Ripple Custody operates in major financial markets, including Switzerland, Germany, France, the UK, the US, Singapore, and Hong Kong.
Aaron Slettehaugh, SVP of Product at Ripple, commented on the launch. "Ripple's custody technology offers a single platform for safeguarding and managing digital assets," he said. "It's designed with the security and compliance standards that top global banks and financial institutions have come to rely on."
The service caters to leading financial institutions worldwide, clients include BBVA Switzerland, Societe Generale – FORGE, DBS, and others. Compliance integrations will be released to select customers in December 2024 with a broader rollout planned for early 2025.
This development comes as demand for crypto custody services rises. Taiwan's Financial Supervisory Commission recently announced plans for a crypto custody sandbox. Application collection will begin in Q1 2025. Three Taiwanese private banks have expressed interest in the sector. Standard Chartered has also launched digital asset custody services in the UAE, starting with Bitcoin.