Ripple Rolls Out New Features Offering ‘Bank-Grade’ Custody Services for Crypto Businesses

San Francisco-based payments company Ripple is now aiming to offer bank-grade custody solutions to crypto businesses.

The firm’s Ripple Custody branch has been providing global banks and financial institutions with a software infrastructure to secure, transfer and settle tokenized financial assets.

In a statement, Ripple says the platform now features functionalities that will also make bank-grade custody technology accessible to crypto and fintech businesses. 

Ripple Custody now supports XRP Ledger tokenization features that will allow businesses to tokenize and manage cryptocurrencies, fiat currencies and real-world assets (RWAs). 

The updated platform also includes a transaction screening service integration, added hardware security module (HSM) options, an XRPL integration for tokenizing RWAs, pre-configured policy frameworks and user interface improvements.

Says Aaron Slettehaugh, SVP of Product at Ripple,

“Ripple’s custody technology offers a single platform for safeguarding and managing digital assets, designed with the security and compliance standards that top global banks and financial institutions have come to rely on. With new features, Ripple Custody is expanding its capabilities to better serve high-growth crypto and fintech businesses with secure and scalable digital asset custody.”

Ripple says the amount of crypto assets in custody will likely reach at least $16 trillion by 2030 and a tenth of the world’s gross domestic product (GDP) is also expected to be tokenized by that time.

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