As a researcher with extensive experience in the fintech industry and a particular interest in blockchain technology and digital assets, I’m thrilled to see Ripple’s latest acquisition of Standard Custody & Trust Company. This strategic move underscores Ripple’s commitment to regulatory compliance while expanding its product offerings and exploring new ventures such as stablecoins.
This year, Ripple announced its plans to buy Standard Custody & Trust Company, a well-respected regulatory custodian specializing in digital assets. With the necessary regulatory approvals in place, this acquisition has now been completed, signaling an important achievement for Ripple.
Ripple is making a deliberate push to strengthen its current offerings, which includes delving into innovative areas like stablecoins. Simultaneously, the company remains dedicated to adhering to regulatory requirements. Ripple’s active collaboration with regulators and policymakers worldwide reflects its conviction in developing blockchain technology in harmony with regulatory frameworks.
This year, Ripple made public its plans to purchase Standard Custody. I’m thrilled to inform you that we have successfully completed this acquisition as of today! Discover how this deal enhances Ripple’s mission to establish the Internet of Value: [Link]
— Ripple (@Ripple) June 11, 2024
After finishing this acquisition, Ripple gains the addition of a New York Department of Financial Services-regulated limited purpose trust company to its collection of licenses, which currently includes close to 40 money transmitter permits spread out across the US, a Major Payment Institution License from the Monetary Authority of Singapore, and a Virtual Asset Service Provider (VASP) registration from the Central Bank of Ireland.
As a researcher studying Ripple’s offerings, I would describe it this way: Expanding our regulatory reach amplifies my capacity to provide robust enterprise infrastructure using blockchain and digital asset technology. This enhancement enables us to offer superior institutional services for tokenization, secure storage, seamless transfer, and efficient exchange of value.
Ripple is thrilled to announce that Jack McDonald has been appointed as their new Senior Vice President of Stablecoins, effective immediately. Simultaneously, he will continue in his role as CEO of Standard Custody. With a rich 30-year career in investment banking, asset management, financial services, and fintechs under his belt, Jack’s extensive experience is a valuable addition to lead Ripple’s stablecoin initiative and bring their stablecoin product to the market.
Through the strategic acquisitions, such as Metaco in May 2023, Ripple underscores its dedication to enhancing the importance and diversity of digital assets. This encompasses not just stablecoins and central bank digital currencies (CBDCs), but also tokenized real-world assets (RWAs).
“Ripple stays committed to utilizing its robust financial resources for making strategic purchases and strengthening its dominant role in the business sector of blockchain technology. It places great importance on adhering to regulatory requirements to encourage broader institutional acceptance of blockchain solutions.”
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2024-06-11 16:23