Cryptocurrency

Ripple Completes Another Major Acquisition

Ripple, the San Francisco-based blockchain financial solutions company, has announced the acquisition of Standard Custody & Trust Company, a regulated custodian for digital assets. The acquisition, first announced in February 2024, has received all necessary regulatory approvals.

This strategic move strengthens Ripple’s position in the digital asset landscape. It’s expected to bolster its existing product offerings and pave the way for new initiatives, such as the underway stablecoin.

Read Also: Ripple May Dump 400 Million XRP In June. Here’s why

Standard Custody’s regulatory compliance, including its licensing by the New York Department of Financial Services (NYDFS), aligns with Ripple’s commitment to improve established frameworks.

Ripple’s Expanding Role in Finance

The closing of the Standard Custody acquisition marks a significant step forward for Ripple. This acquisition adds an NYDFS-regulated limited-purpose trust company to its portfolio, further strengthening its enterprise blockchain and digital asset infrastructure.

It allows Ripple to better serve institutional customers by providing secure and compliant solutions for tokenization, storage, movement, and exchange of values.

The acquisition came shortly after Ripple announced its plans to launch a USD-backed stablecoin. According to Ripple’s announcement, Jack McDonald, CEO of Standard Custody, will assume the additional role of Senior Vice President of Stablecoins at Ripple.

The company believes Mr. McDonald’s extensive experience in investment banking, asset management, and digital assets positions him well to lead the development and launch of Ripple’s stablecoin. He will also remain CEO of Standard Custody.

There is a clear demand for stablecoins that offer trust, stability, and utility. This is the driving force behind Ripple’s stablecoin, and the company could turn the financial world around with XRP, its stablecoin, and its unrivaled processing technology.

In 2023, Ripple acquired Metaco, a leading institutional digital asset custody solution. The Standard Custody acquisition has expanded the company’s reach. According to Ripple’s announcement, these acquisitions highlight the growing importance of digital assets, stablecoins, central bank digital currencies (CBDCs), and tokenized real-world assets (RWAs).

Read Also: Ripple Moves $47 Million In XRP Amid Rumors of Selling XRP to Fund Acquisition

Ripple Prioritizes Regulatory Compliance

While spreading its wings, Ripple is also careful to operate within the limits of the law. Ripple’s focus on regulatory compliance extends beyond this acquisition.

According to the announcement, the company holds nearly 40 money transmitter licenses throughout the U.S., a Major Payment Institution License from the Monetary Authority of Singapore, and a Virtual Asset Service Provider (VASP) registration with the Central Bank of Ireland.

By securing the appropriate licenses and developing compliant solutions, Ripple is increasing the chances for wider institutional adoption of blockchain technology across various applications, including cross-border payments and digital asset custody.


Follow us on Twitter, Facebook, Telegram, and Google News

Tobi Loba

Tobi Loba is a passionate writer with a vast interest in the stock market. She joined the crypto ecosystem about three years ago and has written lots of ebooks and articles in relation to cryptocurrency and blockchain projects. Tobi Loba earned her degree at the University of Ibadan.

Recent Posts

17 Trillion SHIB In 24 Hours: Here’s What Happened

Shiba Inu is experiencing a surge in market activity, capturing attention with approximately 17 trillion…

3 hours ago

Expert Expects SHIB Higher Time Frame Continuation, Calls SHIB Army to Buy the Dip

Crypto chartist CryptoAmsterdam recently advised Shiba Inu (SHIB) investors to view every price dip as…

4 hours ago

Ripple CTO Explains Investment Contract and Why SEC Is Wrong About XRP

David Schwartz, Ripple’s Chief Technology Officer, recently highlighted significant distinctions between contracts and “reasonable reliance,”…

5 hours ago

Best Crypto to Buy Now: Top Picks for 2025 Growth Potential

Bitcoin's recent all-time highs have brought the cryptocurrency market to a crucial turning point that…

6 hours ago

Altcoin Millionaires Back This $0.04 AI Multichain Token for 8,500% Gains by 2025!

Leading figures in the cryptocurrency world are backing a new token that costs just four…

8 hours ago

What is ICO, and How Can It Be Conducted Properly?

Initial Coin Offerings (ICOs) is a way to raise funds in the blockchain and cryptocurrency…

8 hours ago