Ripple’s XRP Ledger Implements New Credentials Update for Compliance
Ripple's XRP Ledger has received a new update aimed at enhancing compliance and attracting institutional users. The credentials amendment allows for KYC and AML compliance to be managed directly on the network.
Key Updates:
- The credentials amendment is now active, enabling decentralized identity attestation.
- This update facilitates compliance with traditional finance standards on-chain.
- Focus will shift to developing permissioned domains and a permissioned DEX.
- Ripple aims to tokenize 10% of global assets by 2030, targeting a trillion-dollar market.
Ripple engineer Kenny emphasized that this update streamlines the identity verification process, reducing inefficiencies and privacy risks associated with traditional methods. Credentials can be issued, stored, and verified on the XRP Ledger, allowing businesses to check user compliance without repeated verifications.
A typical process involves businesses defining required credentials, which are then created and stored on the user's XRP Ledger account for on-chain verification during interactions.
As of now, the price of XRP is approximately $2.83, reflecting an increase in the past 24 hours.