Ripple Introduces New Features and Functionalities for Custody Solution

Ripple, a digital asset infrastructure firm, has announced new features and functionalities for its custody solution in a press release on Thursday. The company emphasized the importance of custody as a key entry point into the digital asset economy, noting that the amount of crypto assets custodied is projected to reach $16 trillion by 2030.

The update includes a transaction screening service integration, added hardware security module options, an XRPL integration for tokenizing real-world assets (RWA), pre-configured policy frameworks, and upgrades to the platform’s usability and user interface. Ripple Custody now supports XRP Ledger tokenization features, allowing businesses to tokenize and manage assets such as cryptocurrencies, fiat currencies, and real-world assets.

Tokenization of RWAs has been gaining attention in the payments, finance, and commerce industries, as it allows organizations to denote ownership rights of real-world assets as digital, on-chain tokens. This technology has the potential to make assets more liquid, accessible, and efficient while enhancing transparency, security, and global reach.

In a recent interview with Mastercard Chief Product Officer Jorn Lambert, he discussed how tokenization could improve various use cases where data exchange is common. Lambert emphasized the need to rethink security measures in a world where credentials are stored on numerous devices and servers globally, highlighting the importance of protecting data from bad actors and hackers.

Overall, Ripple’s introduction of new features and functionalities for its custody solution reflects the growing importance of secure and compliant options for storing digital assets in the evolving digital economy.