Ripple Launches New Features for Custody Arm to Tap into $16k Market

The company behind XRP has announced the release of several new features and functionality for Ripple Custody. With this, the company aims to improve its custody technology for fintech and crypto users.

Crypto custody is a relatively new area for the entity, which has streamlined its efforts under the recently launched Ripple Custody division.

Expanding Ripple Custody

According to its official press release, the latest update includes the integration of a transaction control service, additional hardware security module (HSM) options, integration with XRPL for real-world asset tokenization ( RWA), preconfigured policy frameworks and improvements to the platform’s usability and user interface.

Ripple said that custody is an essential aspect of the expanding digital asset economy. By 2030, the value of crypto assets in custody is expected to reach a minimum of $16 trillion, and an estimated 10% of global GDP will be tokenized, according to a recent study by the Boston Consulting Group and the ADDX private market exchange. .

Amid this anticipated growth in custody, the San Francisco-based blockchain company has reported significant progress in its own services with Ripple Custody. Its acquisition of new customers has increased by 250% year-on-year. The service is available in major global financial markets including Switzerland, Germany, France, the United Kingdom, the United States, Singapore and Hong Kong.

Ripple Custody currently serves major banks, financial institutions and crypto companies worldwide, including BBVA Switzerland, Societe Generale – FORGE, DBS, RULEMATCH, Archax, Futureverse and others.

Commenting on the launch, Aaron Slettehaugh, Ripple’s SVP of Product, commented:

“Ripple’s custody technology provides a unique platform for safeguarding and managing digital assets, designed with the security and compliance standards that the world’s leading banks and financial institutions have come to trust. With new features, Ripple Custody is expanding its capabilities to better serve high-growth crypto and fintech companies with secure and scalable digital asset custody.”

Meanwhile, the next compliance integrations will be released to a limited group of customers in December 2024. A wider rollout is planned for early 2025. On the other hand, preconfigured policies will be accessible early next year.

Increased demand for custody offers

The latest development comes amid financial institutions increasingly looking to offer custody services for crypto assets as a result of increased demand. This week, Taiwan’s Financial Supervisory Commission (FSC) announced plans to establish a sandbox for crypto custody services, with the collection of applications starting in the first quarter of 2025.

As previously reported, three private banks in Taiwan have already expressed interest in this emerging sector.

Consumer banking corporation Standard Chartered also started its digital asset custody services in the UAE last month, starting with Bitcoin after acquiring a license from the Dubai Financial Services Authority.

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