Digital asset infrastructure company Ripple has introduced new capabilities to its custody solution.
“Custody is a critical entry point into the digital asset economy, and it’s only going to grow,” Ripple said in a press release on Thursday (October 10).
The company points out that the amount of crypto assets in custody is predicted to reach at least $16 trillion by 2030, by which time as much as 10% of global GDP is expected to be tokenized. are.
“Therefore, businesses need secure, compliant, and flexible options to store their cryptocurrencies,” the release added.
According to Ripple, the update includes the integration of transaction screening services, the addition of hardware security module options, XRPL integration for tokenizing real-world assets (RWA), a preconfigured policy framework, platform ease of use, and more. It also includes user interface upgrades.
Additionally, Ripple Custody currently supports the tokenization functionality of the XRP Ledger, allowing businesses to tokenize and manage assets including cryptocurrencies, fiat currencies, and real-world assets, while also making it easier to issue digital assets. and securely transfer them directly from its platform,” the company added.
PYMNTS investigated the tokenization of RWA earlier this year, another component of blockchain that is gaining attention from players in the world of payments, finance, and commerce. He pointed out that it is a function that can be shown as a column. Digital on-chain token.
“Tokenized RWA has the potential to increase asset liquidity, accessibility, and efficiency while enhancing transparency, security, and global reach,” the report states.
“Representing RWAs such as real estate, private equity and venture investments, art and collectibles, physical goods such as gold, bonds, intellectual property assets, and even stocks and shares on the blockchain is a way of representing asset ownership. Enable new features that may change the way you record. ”
In recent tokenization news, PYMNTS spoke Thursday with Mastercard Chief Product Officer Jorn Lambert about how the technology can improve any use case where data exchange is the norm.
He said this not only boosts commerce, but the most obvious benefit is for sellers, publishers and customers.
“We had to fundamentally rethink how we built security,” Lambert says.
In a world where credentials can be stored on billions of mobile devices and on millions of servers around the world, “no matter how tall or thick your firewalls are, malicious actors and hackers can “You have to assume that you're going to have that data and you're going to build it,” he added.
