Ripple has announced strategic partnerships with Figment and Securosys to elevate its Ripple Custody service, an enterprise-level digital asset custody solution. This strategic alignment is aimed at enhancing Ripple’s blockchain payment and custody services, primarily for institutional stakeholders. Recently, Ripple has been actively acquiring companies like Palisade to expand their portfolio by incorporating cutting-edge technological advancements.
What Technological Features Enhance Custodial Services?
Ripple’s collaboration with Figment marks a significant technological upgrade with the introduction of staking functionalities into the Ripple Custody service. This move grants banks, custodians, and oversight bodies the capability to engage in blockchain staking activities without the prerequisite of their own validator frameworks. This addition ensures adherence to stringent security and governance norms tailored for institutional clients.
Partners can leverage Figment’s infrastructure to engage in staking services on major blockchain networks like Ethereum and Solana. According to Ben Spiegelman from Figment, this partnership merges the distinct technological capabilities of both companies, allowing regulated entities to extend staking rewards to their clientele.
Figment’s business development team emphasizes the new opportunities for regulated institutions resulting from merging Ripple’s custodial technology with Figment’s secure staking infrastructure.
How Does Securosys Enhance Security?
Ripple has enlisted Securosys to fortify Ripple Custody’s security framework. This partnership introduces CyberVault HSM and CloudHSM technologies to the custody service, thereby offering institutions adaptability in key management across cloud and onsite setups.
The initiative intends to mitigate the challenges of cost, intricacy, and sluggish acquisition processes tied to hardware security modules (HSMs). By expanding the spectrum of supported HSM providers on the platform, Ripple offers adaptable solutions for institutions governed by varying regulatory frameworks.
Robert Rogenmoser, CEO of Securosys, highlights that the integration of CyberVault HSM technologies into Ripple Custody empowers institutions with seamless control over key management, avoiding unnecessary complexity.
Despite these advancements in institutional service offerings, the XRP Ledger has not experienced a marked increase in on-chain transactions. Analysis reveals a reduction in the XRPL network’s total locked value from about 80 million dollars earlier in the year to 49.6 million dollars lately, indicating a downturn in DeFi activity.
Key insights from the data include:
- Stable crypto assets circulating on the network have a market value of approximately 415.85 million dollars, reflecting stable growth.
- XRP’s market performance continues to be uninfluenced by these institutional partnerships, registering a 32% drop over the past month.
- XRP’s current market price stands at 1.44 dollars, with a minor daily drop.
Ripple remains focused on enhancing its custody services, aiming to provide sophisticated security mechanisms for institutional clients, while maintaining a steady trajectory in securing its position within the financial use-case domain.
