Photo credit: Kiyoshi Ota/Bloomberg

Ripple has recently launched new features and functionality in Ripple Custody, that will allow banks and financial institutions to store digital assets. 

In the new update, it will include a transaction screening service integration, adding hardware security module (HSM) options, an XRPL integration for tokenizing Real World Assets (RWAs) and pre-configured policy frameworks. 

According to the press release, the new integration with Elliptic for transaction screening services aims to help customers monitor transactions in real-time and better assess the risks. Users can also make decisions based on the “defined risk policies” to meet regulatory requirements. 

Since Ripple Custody supports XRP Ledger tokenization features in the new update, businesses can tokenize and manage their various classes of assets, such as cryptos, fiat currencies, and real-world assets. 

Aaron Slettehaugh, SVP of Product at Ripple, stated: “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.”

The new compliance integrations will be available in December 2024 to selected customers, and there will be general availability in early 2025.