{"id":981,"date":"2024-10-11T00:02:26","date_gmt":"2024-10-11T00:02:26","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=981"},"modified":"2024-10-11T00:02:26","modified_gmt":"2024-10-11T00:02:26","slug":"ripple-launches-bank-grade-crypto-custody-solution","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=981","title":{"rendered":"Ripple Launches Bank-Grade Crypto Custody Solution"},"content":{"rendered":"
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Ripple has announced<\/a> 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.<\/p>\n

\u201cRipple\u2019s 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,\u201d stated Aaron Slettehaugh, Senior Vice President of Product at Ripple.<\/p>\n

Ripple Updates Its Crypto Custody Solution<\/h2>\n

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<\/a>. This integration facilitates digital asset issuance and transfers directly from the platform.<\/p>\n

It also provides access to XRP Ledger\u2019s native decentralized exchange (DEX). \u201cThis [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,\u201d Ripple states.<\/p>\n

Among the key enhancements is the integration with Elliptic for transaction screening services. \u201c[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<\/a> in the future,\u201d the press release reads.<\/p>\n

The platform now also offers customers the option to use HSMs on their preferred cloud providers, simplifying the onboarding and deployment experience. Moreover, the user interface has been updated for better usability, and integrations with external identity providers enable users to log in using their preferred OAuth or OIDC-based systems.<\/p>\n

Ripple Custody has experienced a 250% year-over-year growth in new customers, reflecting the increasing demand for secure and compliant digital asset custody solutions. The service is available in major financial markets, including the United States, Switzerland, Germany, France, the United Kingdom, Singapore, and Hong Kong. Notable clients include BBVA Switzerland, Soci\u00e9t\u00e9 G\u00e9n\u00e9rale \u2013 FORGE, DBS, RULEMATCH, Archax, and Futureverse.<\/p>\n

Industry forecasts suggest that the amount of crypto assets under custody could reach at least $16 trillion by 2030, with 10% of the world\u2019s GDP expected to be tokenized by the same year. Ripple positions itself as a key infrastructure provider in the digital asset space, offering services that enable financial institutions to tokenize, store, exchange, and move digital assets.<\/p>\n

The company serves customers in over 55 countries, with payout capabilities in more than 80 markets, and holds over 55 regulatory licenses and registrations across various jurisdictions. Last year, Ripple expanded its crypto custody capabilities by acquiring Metaco. Earlier this year, Ripple continued its strides in the crypto custody market with the acquisition of Standard Custody & Trust Company<\/a>.<\/p>\n

The new compliance integrations are scheduled to be available to select customers in December 2024, with general availability expected in early 2025. Pre-configured policy frameworks are anticipated to be released early next year, aligning with the growing need for sophisticated digital asset management solutions.<\/p>\n

At press time, XRP traded at $0.5275.<\/p>\n

\"XRP<\/div>\n","protected":false},"excerpt":{"rendered":"

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, […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-981","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/981","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=981"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/981\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=981"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=981"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=981"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}