Ripple, a provider of enterprise blockchain and cryptographic solutions, has completed the acquisition of Standard Custody & Trust Company, a regulated digital asset custodian, after obtaining the necessary regulatory approvals.
This movement aims to improve Wave’s product offerings and explore new businesses like stablecoins while complying with regulations.
With the acquisition, Ripple adds a limited purpose trust company regulated by the New York Department of Financial Services to its licenses.
Ripple now has nearly 40 US money transmission licenses, a Principal Payment Institution License from the Monetary Authority of Singaporeand registration of Virtual Asset Service Providers with the Central Bank of Ireland.
This expansion aims to strengthen Ripple's ability to provide robust enterprise infrastructure solutions powered by blockchain and digital asset technology, enhancing tokenization, storage, movement and value exchange services for institutional clients.
After this purchase, Ripple has announced plans launch USD backed stable coin. Stablecoin, along with XRP, will be integrated into Ripple's payment solutions to serve enterprise customers worldwide.
Issued on XRP Ledger, Ripple's stablecoin will improve liquidity and promote Ledger's financial use cases for developers, users and enterprises.
Jack McDonald
Jack McDonald He has been named Senior Vice President of Stablecoins while continuing as CEO of Standard Custody.
With over 30 years of experience in investment banking, asset management, financial services, fintech and digital assets, McDonald brings valuable experience to lead Ripple's stablecoin team.
This acquisition of Standard Custody follows that of Ripple Metaco acquisition in a $250 million deal in May 2023.
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