Ripple Announces Bank-Grade Custody for Crypto Firms

This morning, the San Francisco-based startup Ripple announced the launch of new features and functionalities for Ripple Custody. The upgrades will bring bank-grade level custody technology to fintech firms and crypto companies. Clients can now access Ripple’s native decentralized exchange to buy and sale digital assets directly, as well as use an XRPL integration to tokenize real-world assets (RWA). 

Here are some of the other new features for Ripple Custody: 

• Integrations with Ripple’s XRP Ledger blockchain platform
• A transaction screening service integration
• Pre-configured policy frameworks
• Compliance monitoring
• Additional hardware security module (HSM) options
• Improved interface and usability

Aaron Slettehaugh, the senior VP of product at Ripple, said that Ripple Custody technology offers “the security and compliance standards that top global banks and financial institutions have come to rely on.”

Ripple Custody, created last year, provides businesses with a single platform for storing, managing, and engaging with digital assets. It currently operates in over 20 countries, and its clients include the Swiss arm of BBVA, HSBC, DBS, Societe Generale – Forge, and Futureverse.

Though Ripple is primarily known for its XRP cryptocy and payment platform, it has been steadily moving into the crypto custody business. Over the past few years, Ripple acquired Metaco and Standard Custody & Trust Company — both firms that specialized in crypto custody. 

Unfortunately, Ripple is still going through trying times with the U.S. Securities and Exchange Commission. Last week, the SEC appealed a 2023 court ruling that XRP should not be considered a security when sold to retail investors, causing the price of $XRP to fall. It’s currently down around 11% over the past two weeks, according to data from CoinGecko.