Ripple’s ‘Bank-Grade’ Custody Solution Now Features Integration With XRP Ledger (XRPL) for Tokenizing RWAs
2024-10-11

Ripple announced several updates to its Ripple Custody platform on 10 October 2024, aimed at enhancing the infrastructure used by fintechs and crypto businesses to manage digital assets. Ripple Custody, described as a bank-grade digital asset custody solution, now offers new features and functionalities, including transaction screening services, improved security options, and enhanced integrations with Ripple’s XRP Ledger (XRPL).
One of the major updates to Ripple Custody is introducing a transaction screening service integrated with Elliptic. This feature enables businesses to monitor real-time transactions and manage risks according to regulatory requirements. Ripple also revealed plans to add further compliance services in the near future, aiming to strengthen the platform’s regulatory adherence.
In addition to compliance upgrades, Ripple has introduced new hardware security module (HSM) options, specifically AWS CloudHSM, allowing businesses to use HSM on their preferred cloud providers. This addition simplifies the onboarding and deployment process for Ripple Custody users, providing more flexibility in managing their security infrastructure.
Ripple Custody now supports integration with the XRP Ledger, particularly in terms of tokenization. This enables users to tokenize and manage various assets directly on the platform, from cryptocurrencies to fiat currencies and real-world assets. The integration allows businesses to leverage XRPL’s native decentralized exchange (DEX) for low-fee, efficient trading of tokenized assets.
With this new feature, Ripple Custody facilitates the issuance and secure transfer of digital assets, expanding opportunities for companies to tokenize real-world assets (RWA) and unlock additional liquidity. By streamlining the management of tokenized assets on XRPL, the platform hopes to appeal as a versatile tool for crypto and fintech businesses looking to explore new business models in digital asset trading and management.
Ripple has also introduced pre-configured operational and policy frameworks to simplify the process of deploying and maintaining Ripple Custody. These frameworks come with enhanced features to provide businesses with easier management of their digital asset custody services. The update offers enterprises more streamlined options for selecting and deploying the custody infrastructure tailored to their specific needs.
The platform’s usability has also seen enhancements, including an improved user interface (UI) designed to be more intuitive. Additionally, Ripple Custody now integrates with external identity providers, allowing users to log in using their preferred OAuth or OIDC-based systems. This offers enterprise customers greater flexibility and convenience when accessing the platform.
Ripple Custody has experienced notable growth, with the company reporting a 250% year-over-year increase in new customer sign-ups. The solution is already available in major global financial markets, including Switzerland, Germany, France, the United Kingdom, the United States, Singapore, and Hong Kong. Among Ripple’s customers are well-known institutions like BBVA Switzerland, Societe Generale – FORGE, DBS, and Archax.
Ripple indicated that new compliance integrations will be available to select customers by December 2024, with a broader rollout expected in early 2025. Additionally, pre-configured policy frameworks are set to be available in early 2025.
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