Ripple has announced the launch of new features and capabilities for its Ripple Custody division to enhance custody technology for fintech and crypto users.

Expansion of Ripple Custody Functionality

According to the official press release, the update includes integration of a transaction screening service, additional hardware security module (HSM) options, integration with the XRPL for real-world assets tokenization, pre-configured policy frameworks, and improvements to platform usability and user interface. Ripple emphasizes the importance of custody for the growing digital asset ecosystem.

Increased Demand for Custody Services

The new features reflect an increasing interest from financial institutions in offering crypto asset custody services. Taiwan's Financial Supervisory Commission announced plans to establish a sandbox for testing such services. Similar developments are seen in other countries, including the UAE, where Standard Chartered started providing digital asset custody services.

Opinions and Future Plans

Aaron Slettehaugh, SVP of Product at Ripple, highlighted the significance of the company's custody technology for securing and managing digital assets, noting the expansion of Ripple Custody capabilities to better serve high-growth crypto and fintech businesses. The new integrations will be available to a limited group of customers in December 2024, with a broader rollout expected in early 2025.

Ripple continues to expand its asset custody offerings, reflecting growing demand and adoption of such technologies by major financial institutions worldwide. This signifies the company's commitment to improving service quality for various markets.