Ripple, an enterprise blockchain and crypto solutions provider, has completed its acquisition of regulated digital asset custody firm Standard Custody and Trust Company after receiving necessary regulatory approvals.
This movement, RippleThe company will strengthen its product lineup and explore new business ventures such as stable coins while maintaining regulatory compliance.
With this acquisition, Ripple will add a limited purpose trust company license regulated by the New York State Department of Financial Services to its own licenses.
Ripple currently holds approximately 40 remittance licenses in the United States. Major Payment Institution License from the Monetary Authority of SingaporeRegistered as a Virtual Asset Service Provider with the Central Bank of Ireland.
The expansion is intended to strengthen Ripple’s capabilities in delivering robust enterprise infrastructure solutions leveraging blockchain and digital asset technology to improve services for institutional clients in tokenization, custody, movement and exchange of value.
Following this acquisition, Ripple Launching a USD-backed stablecoinThe stablecoin, alongside XRP, will be integrated into Ripple’s payment solutions to serve corporate clients around the world.
Ripple’s stablecoins issued on the XRP ledger will increase liquidity and support financial use cases on the ledger for developers, users, and businesses.
Jack McDonald
Jack McDonald He was appointed Senior Vice President of Stablecoins while continuing in his role as CEO of Standard Custody.
With over 30 years of experience in investment banking, asset management, financial services, fintech and digital assets, MacDonald brings valuable expertise to lead Ripple’s stablecoin team.
The acquisition of Standard Custody is Ripple’s Acquires Metaco for $250 million May 2023.
Featured Image Credit: Free Pick
