XRP-associated blockchain firm Ripple has continued to expand its growing list of partners as it remains keen on boosting the adoption of blockchain technology across the global space.
Ripple Custody expands in Asia
Following the partnership, Ripple Custody and SettleMint's Digital Asset Lifecycle Platform (DALP) will combine their resources towards a common goal.
Notably, the integration of Ripple Custody and SettleMint's DALP will help financial institutions manage digital assets throughout their existence via a single infrastructure.
Ripple and SettleMint's partnership is aimed at helping institutions eliminate the complexities that come with managing digital assets.
Hence, the companies will provide a unified approach that could help institutions perform effectively without the need to stitch together separate solutions from multiple vendors.
This move also aims to help institutions reduce potential reconciliation gaps as digital asset programs move from testing into production.
Digital asset management becomes easier
The recent partnership between Ripple and SettleMint follows efforts to address key challenges for banks and other financial institutions.
While multiple providers for custody, issuance, compliance, settlement, and ongoing asset servicing are often required for managing digital assets, this has remained a setback for institutions working effectively.
To address the core issues affecting the institutions, Ripple Custody will provide the infrastructure needed to securely hold and govern digital assets.
Meanwhile, SettleMint's DALP will handle the broader lifecycle of tokenized assets. This includes issuance, compliance, permissioning, settlement, and servicing.
