Ripple Custody update enhances security for digital assets

Ripple has released an update to its Ripple Custody platform, introducing new features aimed at fintechs and cryptocurrency businesses.

The update includes enhancements such as a transaction screening service integration, additional hardware security module (HSM) options, integration with XRP Ledger (XRPL) for tokenising real-world assets, pre-configured policy frameworks, and improvements to the user interface and usability.

Ripple Custody is described as essential software infrastructure designed to secure, transfer, and settle tokenised financial assets. With the global custody of crypto assets projected to reach USD$16 trillion by 2030, Ripple aims to cater to the growing demand for secure, compliant, and flexible custody solutions.

Aaron Slettehaugh, SVP of Product at Ripple, stated, "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. 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 integration of the XRPL tokenisation features enables businesses using Ripple Custody to handle a variety of assets, including cryptocurrencies and fiat currencies in addition to real-world assets. It also facilitates digital asset issuance and secure transfers from the platform while providing access to XRPL's decentralised exchange for efficient trading of tokenised assets.

Customers can now choose AWS CloudHSM for a simplified deployment experience, allowing greater flexibility in using HSM via a cloud provider of their choice.

The update also introduces pre-configured operational and policy frameworks, which simplify the deployment and use of the Ripple Custody platform. The integration with Elliptic brings compliance for transaction screening, helping customers monitor transactions in real-time and assess risks to meet regulatory requirements.

User interface improvements include better usability and integration with external identity providers, allowing enterprise customers to log in with their preferred OAuth or OIDC-based systems.

The platform's growth is evidenced by a 250% year-over-year increase in new customer acquisition. Ripple Custody is available in key financial markets across multiple countries, serving prominent banks and financial institutions, as well as various cryptocurrency businesses.

Ripple continues to position itself to provide secure, compliant digital asset infrastructure services needed for the tokenisation, storage, exchange, and movement of digital assets. The company serves clients in over 55 countries, with payout capabilities in more than 80 markets worldwide.

Ripple is a provider of digital asset infrastructure for financial institutions - delivering compliant, reliable software that unlocks efficiencies, reduces friction, and enhances innovation in global finance. Ripple's solutions leverage the XRP Ledger and its native digital asset, XRP, which was purpose-built to enable fast, low-cost, highly scalable transactions across developer and financial use cases.