- Ripple acquired Standard Custody & Trust Company, enhancing its digital asset offerings and regulatory compliance.
- Jack McDonald will lead Ripple’s stablecoin development as Senior Vice President while remaining CEO of Standard Custody.
- Ripple holds nearly 40 U.S. money transmitter licenses and other major licenses, reinforcing its role in the digital asset industry.
Ripple has acquired Standard Custody & Trust Company, a regulated custodian of digital assets . The acquisition, which was initially announced in February 2024, has now obtained all necessary regulatory approvals.
This strategic move aims to strengthen Ripple’s position in the digital asset market, expand its product offerings, and support new initiatives such as the upcoming stablecoin. It is anticipated that the acquisition of Standard Custody will greatly expand Ripple’s current product offering.
By adding Standard Custody’s license from the New York Department of Financial Services (NYDFS) and its regulatory compliance, Ripple demonstrates its dedication to strong regulatory frameworks. This addition will help institutional customers receive better service by offering safe and legal options for value exchange, tokenization, and storage.
Jack McDonald, the CEO of Standard Custody, will join Ripple as Senior Vice President of Stablecoins following the acquisition. He is going to remain on as Standard Custody’s CEO, spearheading the effort to satisfy the market’s growing demand for stablecoins that provide reliability, stability, and usability.
In 2023, Ripple bought Metaco, which was a top solution for institutions to store their digital assets. By integrating Standard Custody, Ripple broadens its reach and emphasizes the growing significance of digital assets, stablecoins, CBDCs, and tokenized RWAs.
Currently, Ripple is registered as a Virtual Asset Service Provider (VASP) with the Central Bank of Ireland, has almost forty money transmitter licenses throughout the United States, and a Major Payment Institution License from the Monetary Authority of Singapore.
Ripple has taken a major strategic step toward expanding its business with the acquisition of Standard Custody & Trust Company. This action is anticipated to strengthen Ripple’s position as a leader in the developing digital asset market by improving applications in cross-border payments and digital asset custody.
