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Ripple Completes Standard Custody Acquisition To Boost Stablecoin Plans
Ripple, a leading blockchain payments firm, has announced the successful completion of its acquisition of Standard Custody & Trust Company, a regulated digital asset custodian. This significant move, now approved by regulators, marks a strategic expansion for Ripple. Moreover, it enhances its ability to offer robust digital asset custody solutions.
Ripple Acquires Standard Custody
The latest acquisition by Ripple backs its ambition to integrate blockchain technology into the global financial system. Standard Custody & Trust Company is renowned for its secure, enterprise-grade custody services. Hence, its acquisition adds a limited purpose trust company regulated by the New York Department of Financial Services to Ripple’s diverse license portfolio.
The regulatory accomplishments of Ripple now span nearly 40 U.S. state money transmitter licenses. Moreover, the blockchain firm boasts a Major Payment Institution License from Singapore’s Monetary Authority, and a Virtual Asset Service Provider (VASP) registration with the Central Bank of Ireland.
The completion of this acquisition is a pivotal moment for Ripple as it aligns with its strategy to bolster its enterprise infrastructure solutions. These solutions, powered by blockchain and digital asset technology, enable institutional customers to tokenize, store, move, and exchange value more efficiently.
In addition, this acquisition also paves the way for Ripple to explore new product offerings, including its upcoming USD-backed stablecoin. Ripple’s stablecoin initiative aims to bridge the gap between blockchain and traditional finance. Furthermore, it aims at addressing the growing demand for stablecoins that offer trust, stability, and utility.
Jack McDonald As Senior Vice President Of Stablecoins
Leveraging its extensive experience in delivering financial solutions globally, Ripple plans to issue the stablecoin on the XRP Ledger. This will enhance liquidity on the Ledger’s native decentralized exchange (DEX) and support a broader range of financial use cases for developers, users, and businesses.
By integrating stablecoin functionality with its established XRP payment solutions, Ripple aims to offer comprehensive digital asset services to its enterprise customers. This strategic acquisition and the forthcoming stablecoin launch underscore Ripple’s commitment to innovation, regulatory compliance, and the advancement of blockchain technology in the financial sector.
Furthermore, a key highlight of this acquisition is the appointment of Standard Custody CEO Jack McDonald as Senior Vice President of Stablecoins at Ripple. McDonald’s expertise and leadership are anticipated to play a pivotal role in steering Ripple’s stablecoin initiatives. This appointment aligns with Ripple’s strategic vision to launch its own stablecoin. Meanwhile, McDonald will continue to remain the CEO of Standard Custody.
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