Ripple acquires NYDFS-regulated custodian Standard Custody

Share This Post

According to a June 11 statement, Ripple has completed the acquisition of Standard Custody & Trust Company, a licensed digital asset custodian.

The firm initially revealed its intention to acquire the firm in February but finalized the deal earlier today after receiving the appropriate regulatory approval.

Secures NYDFS licensing

Ripple said the acquisition brings a New York Department of Financial Services (NYDFS)-regulated trust company into its portfolio, further bolstering the number of licenses it has received in several countries, such as the US and Singapore.

The move is set to enhance Ripple’s product offerings and support the launch of new initiatives, such as its planned stablecoin. It also bolsters the company’s enterprise infrastructure, improving services for institutional clients.

This acquisition is the firm’s second largest in the past year, following the acquisition of Metaco, another institutional crypto custody platform, in May last year. Ripple stated:

“Both moves underscore the growing breadth and importance of digital assets; from stablecoins and CBDCs to tokenized real-world assets (RWAs) like stocks, bonds, commodities, real estate and more.”

The company said it will continue leveraging its strong financial position to pursue further acquisitions and strengthen its leadership in the blockchain space.

Appoints Vice-president for stablecoins

Jack McDonald will continue as CEO of Standard Custody and also serve as its Senior Vice President of Stablecoins. In this role, McDonald would bring his “wealth of knowledge and expertise to help lead the stablecoin team and bring Ripple’s stablecoin to market,” the company said.

Ripple’s plan to launch a USD-backed stablecoin aligns with the growing demand for these kinds of digital assets in the market. It stated:

“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 unnamed stablecoin will be launched on the XRP Ledger and Ethereum. However, it has already attracted major regulatory scrutiny from the US Securities and Exchange Commission (SEC), which described it as an unregistered crypto asset.

The post Ripple acquires NYDFS-regulated custodian Standard Custody appeared first on CryptoSlate.

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Only 0.47% of money laundering uses Bitcoin and crypto out of $5 trillion globally

A new report from ivezzcom reveals that every year, an estimated 2-5% of the global GDP is laundered, translating to up to $505 trillion by 2024 Reflecting on these numbers reveals a significant

Kenya Concludes Worldcoin Investigation

Kenyan police have reportedly closed their investigation of Worldcoin, allowing the latter to resume its activities in the East African nation The chief legal officer at Tools for Humanity confirmed

Solana Slides 13% – Can It Recover Despite Analyst’s $1,000 Prediction?

Solana (SOL) has been caught in the crypto current, tossed back and forth by recent market volatility After an impressive rally earlier in 2024, SOL has dipped by 13% over the past week, leaving

Weekly Crypto Preview: These Are The Top 5 Coins

This week in crypto, the market is poised at a crucial juncture with several significant developments on the horizon These are the top 5 cryptocurrencies to keep an eye on in the upcoming days #1

Bitcoin tumble below $63,000 last week was its second-worst weekly performance of 2024

Quick Take Bitcoin faced a challenging period last week (June 17-23), marking one of its worst weeks of 2024 According to Glassnode, Bitcoin declined by 52% in week 25, making it the second

Bitcoin Technical Analysis: Mt Gox Payment News Rattles Markets

Bitcoin’s price action on June 24, 2024, indicates a clear bearish trend Hovering around $61,171, bitcoin has fluctuated between $60,580 and $64,384 in the past 24 hours BTC’s market