XRP Ledger adds new controls for banks, stablecoins and tokenized funds

The XRP Ledger switched on a feature late Thursday that lets an account owner give another account permission to do specific jobs without handing over the keys that control the account.

The feature, called PermissionDelegationV1_1, activated on Oct. 8, according to monitoring site XRPL Dashboard. Upgrades require more than 80% support from trusted validators, the operators who confirm transactions, for two straight weeks. With the current list of 35, that means at least 29 supporters.

Delegation’s countdown reset in September after support slipped below that level, as CoinDesk reported.

Businesses making routine crypto transactions need signing keys available throughout the day, but keeping keys with broad powers on an internet-connected computer increases the damage a hacker could cause if that computer is compromised.

A concept called delegation lets them divide that authority by job. A stablecoin issuer can allow a compliance account to approve new customers while keeping its main keys offline. The helper signs with its own keys, can perform only the actions it has been granted, and the owner can change or withdraw those permissions.