TL;DR Breakdown:
- Ripple reported massive growth in adoption and transaction volume on its Cloud service.
- Additionally, its RippleNet is now SOC 2 certified.
Regardless of the recent US charges announced against Ripple, the blockchain company has continued to strengthen its reputation in the crypto industry. Its global payment network, RippleNet, has reportedly bagged a System and Organization Controls 2 (SOC 2) certification, which stands to attest security standards. Meanwhile, the company also announced that its RippleNet Cloud recorded massive growth last year.
The SOC-2 recognition is expected to draw in more financial institutions into Ripple’s payment network.
RippleNet Cloud gains more traction
As Ripple announced on Thursday, there has been a growing interest amongst financial institutions for its Cloud service. RippleNet Cloud allows banks and other fintech companies to deploy modernized payment infrastructure on the blockchain network. Since its service launched in June last year, almost 40 banks and other payment companies have joined the network, including LuLu Exchange.
In 2020, the transaction volume from the Cloud service doubled every two months, so that it accounts for half of all the transactions made via RippleNet. Following the SOC 2 certification, one can easily predict that the development will accelerate more adoption for the Cloud service and other suites of products offered through Ripple’s payment network.
What Ripple SOC 2 certification means
The SOC 2 certification is a seal of approval as regards high security and privacy standards. The SOC 2 examination is conducted by an independent CPA to certify the excellence of a particular company in terms of privacy and security. So, having such certification means that RippleNet products are of high security and privacy standards. Perhaps, in addition to boosting the level of confidence for Ripple products, the certification should prompt more banks and payment services companies to use Ripple services.
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