San Francisco-based blockchain company Ripple Labs has introduced new features that bring bank-grade custody technology to its crypto asset custody services and integrated compliance capabilities, according to an October 10 statement.
Ripple said new features include hardware security module (HSM) options, preconfigured operational and policy settings, and advanced anti-money laundering (AML) monitoring to maintain regulatory compliance. The platform also introduces a streamlined user interface to make navigating storage services easier.
Ripple's services also allow customers to tokenize real-world assets such as fiat currencies and commodities on the XRP Ledger (XRPL). Additionally, customers will have access to a decentralized exchange (DEX) with low-fee trading options.
Aaron Threthoo, Ripple's senior vice president of products, highlighted the expansion of Ripple Custody's capabilities and highlighted its role in supporting high-growth fintech and crypto businesses. He pointed out that Ripple's custody platform has integrated security and compliance measures trusted by financial institutions around the world.
The company plans to release additional compliance integrations for some customers by December 2024, with broader availability expected in early 2025. Preconfigured policies will be accessible starting early next year.
Storage service market
Ripple explained that this development will allow it to capitalize on the rapid growth of this custody sector, which could reach $16 trillion by 2030.
Ripple Custody therefore helps fintech companies, including banks, to securely store digital assets for their customers in a secure environment that complies with global regulatory standards.
Notably, Ripple has made great strides in its custody business over the past year after acquiring Metaco and Standard Custody and Trust Company, further strengthening its position in the custody space.
The company reported a 250% year-over-year increase in the number of customers in its custody business. The service is available in major financial markets including Switzerland, Germany, France, UK, US, Singapore and Hong Kong.
The company reported that its key customers include BBVA Switzerland, Societe Generale – FORGE, DBS, RULEMATCH, Archax and Futureverse.
