Ripple has formed new partnerships with Figment and Securosys to enhance the capabilities of its enterprise digital asset custody solution, Ripple Custody. Ripple has recently been turning to various collaborations and acquisitions to strengthen its infrastructure for corporate customers in the field of blockchain-based payment and storage. The company recently acquired Palisade and continues to expand its service range with newly integrated technologies.
Technological Developments in Corporate Storage
The agreement with Figment enables the addition of staking functionality to the Ripple Custody service. In this context, banks, custody companies and organizations subject to regulatory authorities have the opportunity to participate in staking activities on the blockchain without the need for their own validator infrastructure. In this way, it is stated that the focus is on protecting corporate security and governance standards.
Thanks to Figment’s infrastructure, customers can use staking services on major blockchain networks such as Ethereum and Solana. Ben Spiegelman, Figment’s senior executive, stated that by combining the technology know-how of the two parties, it has paved the way for regulated institutions to offer staking rewards to their customers on various blockchain networks.
Figment’s business development team emphasizes that the combination of Ripple’s enterprise-grade custody technology with Figment’s secure staking infrastructure opens up new opportunities for regulated organizations.
Security Layer Strengthens with Securosys Collaboration
Another collaboration of Ripple was with Securosys, which offers cyber security and hardware-based encryption solutions. In this context, Ripple Custody announced that it now supports CyberVault HSM and CloudHSM technologies. Thus, organizations are given the flexibility to deploy key storage in both cloud and company-specific environments.
Ripple states that the Securosys integration aims to provide a solution to the cost, complexity and slow supply processes in the use of hardware security modules in the industry. Additionally, thanks to the increase in the number of HSM providers supported on the platform, more leeway is offered to institutions subject to different regulations.
Securosys CEO Robert Rogenmoser points out that thanks to the integration of CyberVault HSM technologies with Ripple Custody, institutions can gain full control over key management in a shorter time and without any complexity.
Mobility Remains Limited in the XRP Network
Despite Ripple’s moves in the field of corporate services, there was no significant increase in on-chain transactions on XRP Ledger. According to data, while the total value locked in the XRPL network was approximately $80 million at the beginning of the year, it has recently decreased to $49.6 million. This indicates that activity in the DeFi ecosystem has decreased.
The market value of stable crypto assets in circulation on the network is around 415.85 million dollars. This shows that blockchain has a steady pace of growth, but the momentum is limited as of now. It is considered that Ripple’s corporate strategy is mainly focused on custody, settlement and certain financial usage areas, so it is not fully reflected in the overall DeFi metrics on the network.
However, new agreements and services in the institutional field cannot yet be said to have a significant impact on XRP price performance. According to market data, XRP has decreased by 32 percent in the last month. At the time of writing, the price of XRP is at $ 1.44, which indicates a slight decrease on a daily basis.
