Ripple introduced a new service allowing corporate users to store digital assets on behalf of their clients. It’s designed to help banks and FinTech companies go beyond traditional payment solutions.
Ripple, a leading provider of enterprise solutions for digital assets, unveiled updated features to its Ripple Custody platform for institutional clients. Banks and FinTech companies now have access to new secure solutions for storing and managing digital assets.
The new functionality provides Ripple’s corporate customers with the tools to build and scale their businesses using digital assets. The Ripple Custody update includes:
- integration with compliance tools;
- additional options for using hardware security modules (HSM);
- support for tokenizing real-world asset (RWA) based on XRP Ledger;
- improved user interface.
According to Aaron Slettehaugh, SVP of Product at Ripple, by 2030, approximately 10% of global GDP will be tokenized, driving demand for secure and flexible digital asset storage solutions. He said the new Ripple Custody features will enable cryptocurrencies, fiat money, and RWAs to be tokenized and integrated with the XRP Ledger’s decentralized exchange (DEX) for trading with minimal fees.
Launched in 2023, Ripple Custody saw a 250% growth in customers YoY. The platform is used by the company’s corporate clients in Switzerland, Germany, France, the U.S., Singapore, and Hong Kong, including TradFi giants such as BBVA Switzerland, Societe Generale – FORGE, DBS, and others.
Research shows that the growing popularity of cryptocurrencies among institutional investors is directly related to custodial conditions. Many TradFi market participants are looking for ways to offer their clients secure options for storing digital assets. For example, Landesbank Baden-Württemberg (LBBW), Germany’s largest state-owned lender, partnered with Bitpanda, while Standard Chartered Bank launched a cryptocurrency custody service in Dubai.
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