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Ripple Unveils Enhanced Crypto Custody Solutions for Banks and Crypto Firms

Ripple claims it is consolidating its custody services to enhance customer experience and strengthen the infrastructure for managing tokenized assets.

Ripple XRP

The San Francisco-based blockchain payments Ripple has unveiled a series of enhanced features for its custody service, aimed at helping banks and fintech companies securely store digital assets for their clients. One of the latest updates includes the ability to tokenize real-world assets (RWA).

According to a press release, the new XRP Ledger tokenization functionalities facilitate the issuance and secure transfer of digital assets directly from the Ripple platform. Clients will also benefit from access to the XRPL’s native decentralized exchange (DEX), which allows for low-fee trading of tokenized assets.

Enhanced Usability and User Interface

Ripple has also improved the usability and user interface of its custody platform. The company integrated compliance features through Elliptic. The updates include a transaction screening service and enhanced hardware security module (HSM) options, all designed to strengthen the security and compliance standards required by global financial institutions.

Aaron Slettehaugh, Ripple’s Senior Vice President of Product, stated that Ripple’s custody technology provides a unified platform for managing and safeguarding digital assets, adhering to the security and compliance standards expected by leading global banks and financial institutions.

He stated:

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.

The initiative aligns with Ripple’s strategy to expand its custody division, consolidating its services under the Ripple Custody brand. The goal is to improve customer experience while providing essential software infrastructure to secure, transfer, and settle various tokenized financial assets.

Growth in the Custody Sector 

The custody sector is experiencing rapid growth within the digital asset landscape, as custodians play a vital role in helping clients protect their private keys. With the expansion of the digital asset economy, the need for secure and compliant custody solutions is increasingly urgent. 

Notably, the Boston Consulting Group (BCG) reported that the total value of crypto assets held by custodians could reach at least $16 trillion by 2030, with an estimated 10% of the world’s GDP expected to be tokenized by the same year.

Jonathan Agozie

Jonathan Agozie is a prompt engineer committed to crafting clear and technically sound content on blockchain, cryptocurrency, and Web3 technologies.