Ripple has announced a major upgrade to its Ripple Custody service, aiming to deliver bank-grade crypto custody solutions to fintech firms and crypto businesses. The enhancements include integration with compliance tools, expanded hardware security module (HSM) options, support for tokenizing real-world assets on the XRP Ledger (XRPL), pre-configured policy frameworks, and an improved user interface, according to the official press release.

“Ripple’s custody technology provides a unified platform for securing and managing digital assets, built with the security and compliance standards that global banks and financial institutions rely on. With these new features, Ripple Custody is expanding its capabilities to better serve high-growth crypto and fintech businesses with secure and scalable digital asset custody,” stated Aaron Slettehaugh, Senior Vice President of Product at Ripple.

Ripple Updates Its Crypto Custody Solution

The updated service now supports tokenization features of the XRPL, enabling businesses to manage a diverse range of assets, including cryptocurrencies, fiat currencies, and real-world assets. This integration facilitates digital asset issuance and transfers directly from the platform.

It also provides access to XRP Ledger’s native decentralized exchange (DEX). “This [a]llows for the integration of fungible XRPL tokens, creating new opportunities for asset digital representation and unlocking liquidity. With support for the native DEX on XRPL, companies can seamlessly trade assets with minimal fees,” Ripple states.

Among the key enhancements is the integration with Elliptic for transaction screening services. “[It] helps customers monitor transactions in real-time, better assess risks, and make decisions based on defined risk policies to meet regulatory requirements and build trust. Ripple will support additional compliance services in the future,” the press release reads.

The platform now also offers customers the option to use HSMs on their preferred cloud providers, simplify

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Author: Jake Simmons