- Ripple has completed the acquisition of Standard Custody & Trust Company, according to a news release published on Tuesday.
- The news comes months after Ripple revealed its intention to acquire the regulated digital assets custody solution.
Ripple closes Standard Custody acquisition
Standard Custody allows Ripple to add a regulated limited purpose trust company to its portfolio, given the New York Department of Financial Services (NYDFS) has licensed the custody firm.
According to the blockchain company’s announcement today, the deal received all the necessary regulatory approvals.
With this deal, Ripple has now completed two huge acquisitions in the digital assets custody market.
In May 2023, Ripple acquired Metaco, a leading digital asset custody provider for institutional investors. This new deal underscores Ripple’s growth and presence within the digital assets ecosystem, per the announcement.
Ripple’s eyes on stablecoin market
Ripple traction is now across cross-border payments, crypto custody, CBDCs and tokenized real-world assets (RWAs) – including stocks, bonds and commodities. Ripple is also eyeing entry into the stablecoin market.
“This is an exciting new chapter for Ripple to strengthen its existing product offerings and explore new, complementary products like stablecoins—underpinned by a commitment to regulatory compliance,” Ripple wrote in a blog post.
Ripple recently announced plans to debut a US dollar-backed stablecoin, a development that will see the company tap into the stablecoin and the native crypto token XRP to bolster its payments solution.
The US-based crypto company plans to issue the new stablecoin on the XRP Ledger and will leverage it to expand liquidity to XRPL’s native decentralized exchange (DEX).
“There is huge demand for stablecoins that deliver trust, stability and utility, and Ripple will leverage its decade-plus of experience building real-world financial solutions for global institutions to address this growing market,” the company noted.
Jack McDonald, CEO of Standard Crypto, joins Ripple as Senior Vice President of Stablecoins.
Credit: Source link