As a seasoned crypto investor and tech enthusiast with over two decades of experience under my belt, I must admit that Ripple’s recent updates to its Ripple Custody platform have left me quite impressed. Having witnessed the evolution of digital asset custody solutions, I can confidently say that Ripple has taken a significant leap forward in terms of compliance, security, and user-friendliness.
On October 10th, 2024, Ripple unveiled a series of upgrades to its Ripple Custody platform. These enhancements are designed to bolster the digital asset management infrastructure utilized by fintech companies and cryptocurrency businesses. The Ripple Custody solution, which is comparable to a bank-level digital asset storage service, has been expanded with additional features such as transaction verification services, advanced security measures, and streamlined integrations with the XRP Ledger (XRPL).
One significant change to Ripple Custody is the addition of a transaction monitoring service linked with Elliptic. This functionality allows businesses to keep track of transactions instantly and adjust their risk management strategies based on regulatory standards. Furthermore, Ripple has hinted at expanding compliance services soon, with the goal of enhancing the platform’s commitment to regulatory compliance.
Beyond enhancing compliance features, Ripple has also provided new choices for hardware security modules (HSMs), notably including AWS CloudHSM. This expansion enables businesses to utilize HSMs with their chosen cloud service providers. This change streamlines the onboarding and deployment process for Ripple Custody users, offering greater flexibility when it comes to managing their security infrastructure.
Ripple Custody has introduced a new feature that links it with the XRP Ledger, focusing on the aspect of tokenization. This means users can now create and control various tokens representing different types of assets such as cryptocurrencies, fiat money, or real-world items, all within the platform itself. The integration also empowers businesses to utilize the XRPL’s built-in decentralized exchange (DEX) for hassle-free, cost-effective trading of these tokenized assets.
This innovative feature enables Ripple Custody to simplify the process of emitting and securely transmitting digital assets, thereby increasing possibilities for firms to tokenize real-world assets (RWA) and access extra liquidity. By optimizing the administration of tokenized assets on XRPL, the platform aspires to attract a diverse range of crypto and fintech enterprises interested in experimenting with novel business strategies in digital asset trading and management.
Ripple has simplified the process of implementing and managing its digital asset custody service by offering pre-set operational and policy guidelines. These frameworks boast advanced features, making it easier for businesses to handle their digital asset custody operations. The latest update provides enterprises with a more straightforward selection and deployment process for a custody infrastructure that caters specifically to their unique requirements.
The ease of use on this platform has been upgraded too; it sports a revamped user interface (UI) that’s more user-friendly, making navigation smoother. Furthermore, Ripple Custody now allows integration with external identity providers. This means users can log in using their preferred OAuth or OpenID Connect systems, providing corporate clients with increased flexibility and convenience when accessing the platform.
1) Ripple Custody has seen significant expansion, as indicated by a 250% yearly rise in new client registrations. Today, the service is accessible in prominent financial hubs worldwide, such as Switzerland, Germany, France, the UK, US, Singapore, and Hong Kong. Notable clients of Ripple include established institutions like BBVA Switzerland, Societe Generale – FORGE, DBS, and Archax.
By the end of 2024, Ripple plans to offer compliance integrations to certain customers, with a full release anticipated in early 2025. Furthermore, customizable policy templates will become accessible starting from early 2025 as well.
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2024-10-11 10:26