Ripple Expands Custody For Ethereum and Solana Staking

Ripple has expanded its enterprise custody platform to support staking on Ethereum and Solana. The upgrade allows banks and regulated institutions to earn staking rewards while maintaining full compliance and operational security.

Ripple Custody partnered with Figment, a blockchain infrastructure company, to support Ripple’s clients in using the platform to stake on proof-of-stake blockchains. Thus, eliminating the need for them to create their own validator system.

This partnership will provide financial institutions with the ability to offer direct staking services to their customers, utilizing their current custody workflow process.

As such, institutional investors will now have the opportunity to earn yield from staking in a compliant manner. Also, they don’t have to contend with the complexities of the underlying blockchain infrastructure.

Ripple Partnership Simplifies Staking

Ripple said the goal of the integration was to make it easier for companies to engage in cryptocurrency staking. The integration also eliminates barriers to entry for companies by combining staking and custodial services in a single system.

The benefits to financial corporations include less technical friction when engaging with cryptocurrencies and more streamlined processes.

Aaron Slettehaugh, Senior VP of Product at Ripple, stated, “We see an increased demand from financial institutions for integrated cryptocurrency systems.” He also stated that “financial institutions require a single system to take full advantage of digital asset use.”

“We believe by offering the highest levels of security and compliance along with the best staking experience to our customers, we can remove the complexities associated with managing multiple technology stacks and provide them with the ability to grow with confidence,” Slettehaugh said.

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A Wider Effort To Support Institutional DeFi

This new offering of staking follows the firm’s earlier inclusion of Hyperliquid into its Ripple Prime brokerage platform. This provided institutional clients with access to DeFi liquidity for the first time, demonstrating a broader vision by Ripple to support multi-chain and on-chain financial services.

The addition of staking for both Ethereum and Solana builds on Ripple’s position as a provider of enterprise-focused crypto infrastructure. Both networks represent two of the largest proof-of-stake ecosystems. 

Thus, drawing a great deal of attention from institutions because of their high levels of liquidity and well-established validator economies.

As the firm provides its custody platform to support staking rewards for these assets, it is presenting itself as a complete solution for regulated crypto participation. This means it is more than a product that simply serves the needs of the XRP community.

Focus Turns to XRP Community Day

The announcement comes just days prior to Ripple’s XRP Community Day, which will take place on February 11-12. The event is expected to focus on a variety of topics related to XRP, including XRP utility, regulated crypto products like ETFs and ETPs, and new developments within the XRP Ledger ecosystem.

Company executives, including CEO Brad Garlinghouse and President Monica Long, along with ecosystem partners from the Americas, EMEA, and APAC regions, will also address attendees. Attendees will hear about the increasing role of stablecoins, wrapped XRP, and how XRP will fit into institutional DeFi strategies.

Also Read | Ripple Prime Expands DeFi Offering With Hyperliquid On-Chain Derivatives