Ripple finalizes the acquisition of Standard Custody

Earlier this year, Ripple announced its intention to acquire Standard Custody & Trust Company, a highly regarded regulated digital asset management company. Following regulatory approvals, the acquisition has been finalized, marking an exciting milestone for Ripple.

The move marks a concerted effort to strengthen its existing product offerings and explore new ventures such as stablecoins, while maintaining a strong commitment to regulatory compliance. Ripple’s ongoing engagement with global regulators and policymakers underscores its belief in building blockchain technology hand-in-hand with the regulatory framework.

With the completion of this acquisition, Ripple adds a limited liability trust company regulated by the New York State Department of Financial Services to its licensing repertoire, which already boasts nearly 40 money transfer licenses across the United States, a major payment institution license issued by the Monetary Authority of Singapore and Registration of a Virtual Asset Service Provider (VASP) with the Central Bank of Ireland.

This expanded regulatory reach enhances Ripple’s ability to deliver robust blockchain-based enterprise infrastructure and digital asset solutions, facilitating enhanced institutional services for tokenization, storage, transfer and exchange of value.

To support its stablecoin initiative, Ripple is pleased to appoint Jack McDonald as Senior Vice President of Stablecoins, who also serves as CEO of Standard Custody. With over three decades of experience in investment banks, asset managers, financial services and fintechs, Jack brings invaluable expertise to lead the stablecoin team and bring the Ripple stablecoin to market.

These strategic moves, including the recent acquisition of Metaco in May 2023, underscore Ripple’s commitment to expanding the relevance and breadth of digital assets – from stablecoins and CBDCs to tokenized real-world assets (RWAs).

Ripple continues to leverage its strong financial position to pursue strategic acquisitions and strengthen its leadership position in the enterprise blockchain space, with a focus on regulatory compliance to facilitate institutional adoption of blockchain technology.

Also read: Ripple Launches Fund Focused on XRP Innovation in Japan and Korea