Ripple has announced a strategic partnership with Securosys and Figment to enhance its custody capabilities in the rapidly evolving digital asset landscape. This initiative is designed to streamline procurement processes, speed up time-to-market, and assist banks with the implementation of digital asset custody solutions in a more efficient and secure manner.
Through its collaboration with Securosys, a prominent high-security hardware provider, Ripple aims to facilitate the deployment of hardware security module (HSM)-based custody systems. This approach allows financial institutions to maintain direct control over their cryptographic keys while eliminating traditional barriers such as high costs, complexity, and lengthy procurement timelines typically associated with these systems.
In addition to partnering with Securosys, Ripple has joined forces with Figment to introduce staking capabilities for its custody clients. This partnership is set to empower banks and custodians, along with other regulated enterprises, to offer staking services for leading Proof-of-Stake networks like Ethereum and Solana. Importantly, this can be done without the need to construct validator infrastructure or sacrifice operational controls, simplifying the process for institutions looking to expand their digital asset services.
Ripple Custody provides its clients the tools necessary for storing and managing digital assets, and is integrated with Ripple Prime, which functions as a global, multi-asset prime brokerage catering to institutional clients. The company’s stablecoin, RLUSD, along with the cryptocurrency XRP, plays a critical role within these solutions. Ripple aims to enhance the efficiency of traditional finance and unlock innovative uses for digital assets through its offerings.
Aaron Slettehaugh, Senior Vice President of Product at Ripple, emphasized the need for cohesive systems to maximize the potential of digital assets. He stated, “By bringing best-in-class security, compliance, and staking to Ripple Custody customers, we’re removing the friction of managing complex tech stacks and enabling our customers to go live faster and scale with confidence.”
Further bolstering its presence in the financial sector, Ripple recently secured approval for an Electronic Money Institution (EMI) license and Cryptoasset Registration from the UK’s Financial Conduct Authority (FCA). This authorization paves the way for Ripple to enhance its licensed payments platform, Ripple Payments, in the UK, facilitating cross-border payments using digital assets for British institutions.
In addition to its UK operations, Ripple also obtained preliminary approval for an EMI license in Luxembourg. The firm is expanding its influence in the fintech space, highlighted by a strategic partnership with LMAX Group. This collaboration aims to unify traditional and alternative capital markets, with LMAX Group set to use Ripple’s US dollar-pegged stablecoin, RLUSD, as collateral for customers utilizing its institutional trading infrastructure.
As the digital asset market continues to evolve, Ripple’s initiatives position it to be a significant player in the custody and management of digital assets for institutional clients.
