Ripple finalizes the acquisition of Standard Custody

• Ripple has completed the acquisition of Standard Custody & Trust Company, according to a press release published on Tuesday.
• The news comes months after Ripple revealed its intention to acquire a regulated digital asset custody solution.

Ripple finalizes the acquisition of Standard Custody

Standard Custody allows Ripple to add a regulated limited liability trust company to its portfolio, provided that the New York State Department of Financial Services (NYDFS) has licensed the company.

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

Thanks to this transaction, Ripple has already completed two huge acquisitions in the digital asset custody market.

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

Ripple’s eyes on the stablecoin market

Ripple’s traction currently includes cross-border payments, cryptocurrency deposits, CBDCs and tokenized real-world assets (RWAs) – including stocks, bonds and commodities. Ripple is also considering entering the stablecoin market.

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

Ripple recently announced plans to debut a U.S. dollar-backed stablecoin, which will enable the company to leverage the stablecoin and native crypto token XRP to enhance its payment solution.

A US crypto company plans to issue a new stablecoin on the XRP Ledger and will use it to increase liquidity on the native decentralized exchange XRPL (DEX).

“There is tremendous demand for stablecoins that deliver trust, stability and utility, and Ripple will leverage its more than a decade of experience in creating real-world financial solutions for global institutions to meet this growing market,” the company noted.

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