Ripple Swell Begins – XRP To Be Adopted By Big Global Banks

Ripple (XRP) is trading above $0.5460 early on Tuesday. The altcoin added more than 2.69% to its value that day as the key event is happening. Ripple, a cross-border payment sending company, is preparing for its annual conference called Ripple Swell.

Hello Miami!🌴#RippleSwell starts tomorrow pic.twitter.com/R6C7bVSpet

— Ripple (@Ripple) October 15, 2024

The event is held for partners and clients of the firm and focuses on showcasing new developments and technologies introduced by Ripple. Ripple Swell is scheduled for October 15-16 in Miami. This year, XRP holders keep their eyes peeled for the announcement of the stablecoin RUSD’s launch date, new partnerships for digital asset custody solutions, and executives’ stance on the Security & Exchange Commission’s (SEC) recent appeal in a lawsuit.

BREAKING: #RippleSwell 2024 in Miami is now loading!🌴 pic.twitter.com/cYf5oeofc2

— Ripple (@Ripple) October 15, 2024

Meanwhile, in a significant move to strengthen its position in the digital asset infrastructure space, Ripple has announced a major expansion of its custody services. The San Francisco-based blockchain company on Wednesday unveiled a set of new features for Ripple Custody. These features aim to provide fintech companies and crypto-native companies with a secure and compliant platform.

Ripple launches crypto storage services for banks in bid to diversify https://t.co/MiLJGYXzr5

— CNBC (@CNBC) October 10, 2024

This move comes just days after global financial messaging system Swift announced plans to support regulated digital assets in its global payment services. While Swift’s announcement did not specifically mention XRP, it raised speculation about which digital assets could be included and highlights the growing integration of blockchain technology into traditional finance.

The Ripple team highlighted in a recent press release, stating:

“Custody is a key entry point into the digital asset economy and it is only growing. The amount of crypto assets held in custody is expected to reach at least $16 trillion by 2030 and, furthermore, 10% of global GDP is expected to be tokenized by 2030. As such, businesses need secure, flexible, and compliant options rules for storing your cryptocurrencies.”

Aaron Slettehaugh, senior vice president of product at Ripple, emphasized the platform’s security and compliance standards, stating in the announcement:

“Ripple’s custody technology presents an exclusive platform for protecting and controlling digital assets, designed with the security and compliance standards that global banks and financial institutions have come to count on.”

Particularly, the upgraded Ripple Custody now consists of  several key features created to the increasing demands of the digital asset economy. These include integration with XRP Ledger (XRPL) to tokenize real-world assets, new hardware security module (HSM) options, pre-configured policy frameworks, and improved user interface and usability.

We’re launching new features for Ripple Custody, bringing bank-grade custody solutions to fintech and crypto businesses.

📶 Simplified onboarding
↔️#XRPL tokenization & DEX support
➡️ Pre-configured policy frameworks
▶️ R/T compliance monitoring
↗️ New UIhttps://t.co/gejagnouTS

— Ripple (@Ripple) October 10, 2024

To further strengthen regulatory compliance, Ripple has partnered with Elliptic to offer transaction detection services, enabling real-time monitoring and risk assessment. Ripple’s escrow service has already gained significant momentum, reporting a 250% increase in new customers year over year. The platform now serves leading financial institutions and crypto companies in major markets including the US, UK, and Singapore.

Monica Long, CEO of Ripple, emphasized the company’s enterprise-level capabilities, highlighting partnerships with major banks such as DBS, SocGen-FORGE and BBVA, in a tweet: “Ripple Custody is the de facto technology used by the largest banks of the world. including DBS, SocGen—FORGE and BBVA.”

“Now, we are including pre-established policy and operational structures, additional HSM options, XRPL fungible token support, and compliance services via Elliptic, fetching this enterprise-grade product to crypto enterprises.” She added.