ripple CEO Highlights Standard Custody Among Stablecoin Plans
Leading blockchain payment firm Ripple 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. It also enhances its ability to provide robust digital asset custody solutions. Therefore, Ripple CEO Brad Garlinghouse welcomed the development.
Ripple Acquires Standard Custody
Ripple’s latest acquisition supports its ambition to integrate blockchain technology into the global financial system. Standard Custody & Trust Company is renowned for its secure, enterprise-grade custody services. The acquisition therefore adds a limited purpose trust company regulated by the New York Department of Financial Services to Ripple’s diverse portfolio of licenses.
Ripple’s regulatory achievements now include nearly 40 US state money transmission licenses. Additionally, the blockchain firm holds a Major Payments Institution License from the Monetary Authority of Singapore and 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 support enterprise infrastructure solutions. Powered by blockchain and digital asset technology, these solutions enable institutional clients to tokenize, store, move and exchange value more efficiently.
Additionally, this acquisition 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. It also aims to meet the growing demand for stablecoins that offer trust, stability and utility.
Also Read: Ripple (XRP) vs Cardano (ADA): How Did the Crypto Market Crash Affect Inflows?
Jack McDonald Becomes Senior Vice President of Stablecoins
Leveraging its extensive experience in providing financial solutions globally, Ripple plans to publish the stablecoin on the XRP Ledger. This will increase liquidity on Ledger’s native decentralized exchange (DEX) and support a wider range of financial use cases for developers, users and businesses.
Ripple aims to provide comprehensive digital asset services to its institutional customers by integrating stablecoin functionality with established XRP payment solutions. This strategic acquisition and upcoming stablecoin launch underscore Ripple’s commitment to innovation, regulatory compliance, and the advancement of blockchain technology in the financial industry.
Additionally, one of the highlights of this acquisition is the appointment of Standard Custody CEO Jack McDonald as Ripple’s Senior Vice President of Stablecoins. McDonald’s expertise and leadership are expected to play a pivotal role in driving Ripple’s stablecoin initiatives. This appointment is in line with Ripple’s strategic vision to launch its own stablecoin. Meanwhile, McDonald will remain CEO of Standard Custody.
Ripple CEO welcomed McDonald to the company in a post about X. He wrote: “2 major acquisitions in about 1 year with Metaco and Standard Custody under Ripple’s belt and a big welcome to Jack McDonald! Jack is no stranger to the XRPL ecosystem (and me!); “I am thrilled to have him join the Ripple team, leading our stablecoin initiatives.”
Also Read: XRP Price Prediction: Bull Run or Crash? What’s in store for Ripple as the SEC Files an Objection?
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