Ripple finalizes the acquisition of Standard Custody – Crypto News BTC

  • Ripple has completed the acquisition of Commonplace Custody & Belief Firm, according to information published on Tuesday.
  • The news comes months after Ripple revealed its intention to gather a regulated digital property custody resolution.

Ripple finalizes acquisition of Commonplace Custody

Commonplace Custody allows Ripple to add a regulated limited-purpose company to its portfolio, given that the New York Division of Monetary Securities Services (NYDFS) has licensed the agency.

According to the blockchain company’s immediate announcement, the transaction has received all mandatory regulatory approvals.

With this transaction, Ripple has made two major acquisitions in the digital real estate care market.

In May 2023, Ripple acquired Metaco, a leading provider of digital asset custody services for institutional buyers. As per the announcement, this new agreement highlights Ripple’s growth and presence across the digital property ecosystem.

Ripple’s eyes on the stablecoin market

Ripple traction is currently available across cross-border funds, cryptocurrency custodians, CBDCs, and tokenized real estate (RWA) – including stocks, bonds, and commodities. Ripple may also be considering entering the stablecoin market.

“This is an exciting new chapter for Ripple, where it can strengthen its existing product selection and explore new, complementary products such as stablecoins – backed by a commitment to regulatory compliance,” Ripple wrote on its blog.

More recently, Ripple unveiled plans to debut a U.S. dollar-backed stablecoin, which could see corporations take advantage of the stablecoin and native crypto token XRP to facilitate fund resolutions.

The American crypto company is planning to list a brand new stablecoin on the XRP Ledger and may use it to expand the native decentralized exchange (DEX) liquidity of XRPL.

“There is strong demand for stablecoins that provide confidence, stability and utility, and Ripple will leverage its more than a decade of experience in creating real money options for international enterprises to address this growing market,” the corporation said.

Jack McDonald, CEO of Commonplace Crypto, joins Ripple as Senior Vice President of Stablecoins.

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