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Cryptocurrency News Articles
Ripple Launches New Features and Integrated Compliance Functionality for Its Custody Solution
Oct 10, 2024 at 08:02 pm
SAN FRANCISCO–(BUSINESS WIRE)–Today, Ripple, the leading provider of digital asset infrastructure, announced the launch of new features and functionality to Ripple Custody, bringing the benefits of its market-leading bank-grade custody technology to fintechs and crypto businesses.
Ripple, a provider of digital asset infrastructure, has announced new features and functionality for Ripple Custody, its bank-grade custody technology.
The latest update includes a transaction screening service integration, additional hardware security module (HSM) options, an XRPL integration for tokenizing Real World Assets (RWA), pre-configured policy frameworks, and improvements to the platform’s usability and user interface.
Built on Ripple’s proven and trusted technology, Ripple Custody provides the foundational capability for customers to build and scale new business models in the digital asset economy. It delivers mission-critical software infrastructure to securely store, transfer and settle any type of tokenized financial asset at scale.
Custody is a key entry point into the digital asset economy, and it’s only growing. The amount of crypto assets custodied is expected to reach at least $16T by 2030, and moreover, 10% of the world’s GDP is expected to be tokenized by 2030. As such, companies need secure, compliant and flexible options to store their crypto.
“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,” said Aaron Slettehaugh, SVP of Product at Ripple. “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.”
Now, Ripple Custody supports XRP Ledger tokenization features, enabling businesses to tokenize and manage a wide range of assets, including cryptocurrencies, fiat currencies, and real-world assets while facilitating digital asset issuance and secure transfers directly from its platform. This integration also provides seamless access to the XRPL’s native decentralized exchange (DEX) for efficient, low-fee trading of any tokenized asset.
New features and functionality include the following:
Transaction Screening Service Integration: To enhance regulatory compliance, Ripple Custody is integrating with leading transaction screening service providers. This integration will enable customers to monitor and screen transactions for suspicious activity in real-time, ensuring adherence to regulatory requirements and reducing the risk of illicit activity. The new compliance features will be made available to select customers in December 2024, with general availability in early 2025.
Expanded HSM Options: Customers can now choose from a wider range of hardware security modules (HSMs) to meet their specific security and regulatory requirements. This includes the option to integrate with Gemalto’s SafeNet HSMs, providing additional flexibility and choice for secure digital asset保管.
XRPL Integration for Tokenizing Real World Assets: Businesses can now leverage Ripple Custody to tokenize and manage a diverse range of assets on the XRP Ledger. This integration enables the tokenization of real-world assets (RWAs) such as fiat currencies, commodities and securities, unlocking new possibilities for asset digitization and liquidity.
Pre-Configured Policy Frameworks: To streamline regulatory compliance and reduce the burden on legal and compliance teams, Ripple Custody is introducing pre-configured policy frameworks. These frameworks will provide out-of-the-box configurations for common regulatory requirements, enabling faster onboarding and reducing the need for manual policy setup.
Improved Usability and User Interface: Ripple Custody has overhauled its user interface and implemented user feedback to enhance the overall usability and navigation of the platform. This includes a redesigned dashboard, streamlined workflows and improved visualization for better monitoring and management of digital assets.
Ripple Custody has seen continued momentum, with 250% year-over-year new customer growth. Its solution is offered across the largest global financial markets including Switzerland, Germany, France, the United Kingdom, the United States, Singapore and Hong Kong. Today, Ripple Custody serves top-tier banks, financial institutions and crypto businesses around the world including BBVA Switzerland, Societe Generale – FORGE, DBS, RULEMATCH, Archax, Futureverse and more.
With its simple, secure, compliant digital asset infrastructure, Ripple is well-positioned to provide the core services that financial institutions need to tokenize, store, exchange and move digital assets. Ripple serves customers in over 55 countries and on six continents, with payout capabilities in 80+ markets. It has over a decade of experience as a regulated business in the digital asset space and holds 55+ regulatory licenses and registrations in various jurisdictions.
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