Ripple Teams With Securosys and Figment to Boost Custody Business

Ripple launched a pair of partnerships to boost the capabilities of its custody business.

“Institutions need cohesive systems in order to make the most of digital asset capabilities,” Aaron Slettehaugh, senior vice president of product at Ripple, said in a Monday (Feb. 9) news release. “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.”

Among the new offerings are CyberVault HSM and CloudHSM capabilities from Securosys, a provider of high-security hardware security modules, allowing institutions to deploy HSM-based custody while avoiding traditional cost, complexity or procurement delays, per the release.

“These are available both on premises and in the cloud, allowing customers to meet their individual security and operational requirements while maintaining the highest level of protection,” the release said. “This ready-to-go offering provides banks and custodians with direct control over cryptographic keys while offering a cost-effective and scalable solution. Ripple Custody now supports one of the most extensive ranges of HSM providers, ensuring seamless compliance across any regulatory jurisdiction.”

To expand on its institutional product offerings, Ripple teamed with Figment to offer staking capabilities to custody clients. Ripple and Figment allow banks, custodians and regulated enterprises to offer staking for proof-of-stake networks like Ethereum and Solana, without building validator infrastructure or compromising operational controls, according to the release.

“With staking offered as part of custody workflows, institutions can expand services while maintaining the same security, governance and compliance standards expected of enterprise-grade custody,” the release said.

The partnerships follow Ripple’s November acquisition of digital asset wallet and custody company Palisade and an integration with Chainalysis, per the release.

In other crypto news, stablecoins and other institutional blockchain instruments are seeing their value proposition rise inside traditional financial workflows, even as the price of crypto falls. Stablecoins are being moved into traditional financial contexts where their appeal has less to do with speculation than with speed, programmability and access.

“Cross-border payments, treasury management for global companies and payroll for distributed workforces are all areas where legacy systems remain expensive and slow,” PYMNTS reported Friday (Feb. 6). “Stablecoins offer an alternative that does not require belief in token appreciation, only trust in the peg and the issuer. In that sense, they are starting to resemble narrow banking instruments rather than crypto assets.”