TL; DR breakdown:
- Ripple saw a massive surge in adoption and transaction volume for its cloud service.
- In addition, RippleNet is now SOC 2 certified.
Despite the recent U.S. charges against Ripple, the blockchain company has further strengthened its reputation in the crypto industry. The global payment network RippleNet has reportedly received SOC 2 certification (System and Organization Controls 2), which confirms security standards. Meanwhile, the company also announced that its RippleNet cloud saw massive growth over the past year.
SOC-2 recognition is expected to bring more financial institutions to Ripple’s payment network.
RippleNet Cloud gains more traction
As Ripple announced on Thursday, there is a growing interest in its cloud service among financial institutions. With RippleNet Cloud, banks and other fintech companies can provide a modernized payment infrastructure in the blockchain network. Since the service launched last June, nearly 40 banks and other payment companies have joined the network, including LuLu Exchange.
In 2020, the transaction volume of the cloud service doubled every two months, making it half of all transactions made via RippleNet. After obtaining SOC 2 certification, it is easy to predict that development will accelerate adoption of the cloud service and other lines of products offered through Ripple’s payment network.
What Ripple SOC 2 Certification Means
The SOC 2 certification is a seal of approval for high security and data protection standards. The SOC 2 exam is conducted by an independent CPA to validate a particular company’s excellence in privacy and security. Such certification means that RippleNet products meet high security and data protection standards. Perhaps the certification should not only increase trust in Ripple products, but also encourage more banks and payment service providers to use Ripple services.