Ripple acquires NYDFS-regulated custodian Standard Custody

Ripple acquires NYDFS-regulated custodian Standard Custody
фото показано с : cryptoslate.com

2024-6-11 16:30

According to a June 11 statement, Ripple has completed the acquisition of Standard Custody & Trust Company, a licensed digital asset custodian.

The firm initially revealed its intention to acquire the firm in February but finalized the deal earlier today after receiving the appropriate regulatory approval.

Secures NYDFS licensing

Ripple said the acquisition brings a New York Department of Financial Services (NYDFS)-regulated trust company into its portfolio, further bolstering the number of licenses it has received in several countries, such as the US and Singapore.

The move is set to enhance Ripple’s product offerings and support the launch of new initiatives, such as its planned stablecoin. It also bolsters the company’s enterprise infrastructure, improving services for institutional clients.

This acquisition is the firm’s second largest in the past year, following the acquisition of Metaco, another institutional crypto custody platform, in May last year. Ripple stated:

“Both moves underscore the growing breadth and importance of digital assets; from stablecoins and CBDCs to tokenized real-world assets (RWAs) like stocks, bonds, commodities, real estate and more.”

The company said it will continue leveraging its strong financial position to pursue further acquisitions and strengthen its leadership in the blockchain space.

Appoints Vice-president for stablecoins

Jack McDonald will continue as CEO of Standard Custody and also serve as its Senior Vice President of Stablecoins. In this role, McDonald would bring his “wealth of knowledge and expertise to help lead the stablecoin team and bring Ripple’s stablecoin to market,” the company said.

Ripple’s plan to launch a USD-backed stablecoin aligns with the growing demand for these kinds of digital assets in the market. It stated:

“There is huge demand for stablecoins that deliver trust, stability and utility, and Ripple will leverage its decade-plus of experience building real-world financial solutions for global institutions to address this growing market.”

The unnamed stablecoin will be launched on the XRP Ledger and Ethereum. However, it has already attracted major regulatory scrutiny from the US Securities and Exchange Commission (SEC), which described it as an unregistered crypto asset.

The post Ripple acquires NYDFS-regulated custodian Standard Custody appeared first on CryptoSlate.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Ripple (XRP) на Currencies.ru

$ 2.255 (-0.34%)
Объем 24H $12.096b
Изменеия 24h: 0.04 %, 7d: -5.77 %
Cегодня L: $2.1858 - H: $2.2889
Капитализация $129.104b Rank 4
Цена в час новости $ 0.4781 (371.66%)

ripple custody standard firm custodian february intention

ripple custody → Результатов: 84


Ripple Completes Standard Custody Acquisition, Appoints New Stablecoin Lead

Ripple has officially finalized its acquisition of Standard Custody & Trust Company, a regulated entity providing high-grade digital asset custody solutions. This acquisition, first announced earlier this year, has received the green light from all necessary regulatory bodies, including the New York Department of Financial Services (NYDFS), which oversees the operation of limited-purpose trust companies. […]

2024-6-11 20:00


Ripple’s Latest Move Bolsters It As A Digital Asset Custody Provider

Ripple is transitioning into a full-service digital asset custody provider, following its acquisition of Metaco, a Swiss-based leader in the sector, for $250 million in May 2023. This development represents a significant expansion of the fintech’s capabilities into the institutional crypto custody market—a segment that is expected to experience substantial growth over the next decade. […]

2024-5-15 11:30


Ripple покупает Standard Custody & Trust Company, цены на Polkadot и NuggetRush растут

Ripple стремится увеличить объем своих лицензий за счет покупки Standard Custody, поскольку ICO Polkadot и NuggetRush наблюдают значительный скачок цен. Ripple хочет расширить свои регулирующие лицензии, приобретя Standard Custody and Trust Company.

2024-2-18 22:24


Ripple Buys Swiss Startup As InQubeta Launches AI Crowdfunding Platform

The remarkable revival of the cryptocurrency market in 2023 has led to a significant trend where crypto companies are increasingly making strategic acquisitions. Ripple, the company behind the XRP token, recently made a significant move in the cryptocurrency market by acquiring Metaco, a cryptocurrency custody company based in Switzerland.

2023-5-24 20:00


Фото:

Ripple Executive Departs To Join Crypto Platform With Former SEC Chairman Clayton As An Advisor

Israeli-based crypto custody provider Fireblocks has tapped a former Ripple executive. Cassie Craddock, who joined the San Francisco-based blockchain startup in August 2017 as the firm’s manager of business development before being promoted to the director of Ripple’s Europe sales and finally as the ERG leader, is no longer with the organization. The executive asserted […]

2021-10-14 14:53