Ripple Closes Standard Custody Acquisition Deal and Appoints Jack McDonald as Senior Vice President of Stablecoins

As an analyst with extensive experience in the financial markets and blockchain technology, I am excited about Ripple Labs’ recent acquisition of Standard Custody & Trust Company. This strategic move gives Ripple direct access to regulatory licenses, enabling it to further strengthen its enterprise infrastructure solution and promote mass adoption of blockchain technology and digital assets.

Leading Web3 company, Ripple Labs, headed by experts in revolutionizing global payments via blockchain technology, has officially confirmed the completion of a strategic acquisition of Standard Custody & Trust Company. As per the announcement, this successful deal grants Ripple direct access to Standard’s regulatory licenses.

Additionally, Standard Custody, which is governed by the New York Department of Financial Services, can help Ripple fortify its enterprise-level infrastructure for wider implementation of blockchain technology and digital assets. The agreement to acquire Standard Custody was made public earlier in the year, but regulatory clearances have been in process since then.

The announcement of Standard Custody’s acquisition by the company aligns with their plans to introduce a US dollar-backed stablecoin this year. In response, Ripple has promoted Jack McDonald to the role of Senior Vice President for its stablecoins division and continues to head the Standard Custody project.

“Jack, having spent over 30 years working in investment banks, asset management, financial services, and more recently, fintech and digital assets, is bringing his extensive knowledge and experience to head Ripple’s stablecoin team and launch the company’s stablecoin in the market,” according to Ripple.

As a researcher studying the developments in the cryptocurrency industry, I’m excited to report that Ripple’s latest acquisition of Standard Custody represents our second significant stride in expanding our custody offerings. Following the successful integration of Metaco into our team, we sealed a $200 million deal to bring this Swiss-based digital asset custody and tokenization tech provider on board. With Metaco’s expertise, Ripple has been able to attract an increasing number of institutional investors to our portfolio in recent times.

Market Impact on Ripple Products

As a crypto investor, I can tell you that the completion of Ripple’s acquisition of Standard Custody is a strong indication of confidence in their payment solutions, even amidst the regulatory challenges in the US. In fact, Ripple has emerged victorious in several legal battles against the SEC, most notably last year with the summary judgment ruling in its favor.

In the long run, Ripple is anticipated to expand significantly during the cryptocurrency boom thanks to its widespread appeal and prospects of prevailing in the ongoing legal dispute.

As a researcher studying the cryptocurrency market, I’ve observed that Ripple has taken deliberate steps towards expanding the use of XRP and its associated products. Recently, they unveiled plans for an decentralized exchange (DEX) built specifically on the XRP Ledger. Additionally, they have announced their intention to release a stablecoin this year.

I have discovered that Ripple, in its pursuit of global expansion, has broadened the scope of its XRPL Fund. This move aims to foster blockchain innovation in Japan and South Korea.

XRP Price Action

The price of XRP, backed by Ripple, has been stuck in the middle of the SEC lawsuit and significant advancements within the XRP Ledger over the past few years. Consequently, XRP’s price has remained range-bound within a triangular consolidation pattern that is nearing its peak.

As a researcher studying the cryptocurrency market, I’ve noticed an intriguing development regarding XRP‘s price trend against the US dollar. After a long period of consolidation lasting approximately six years, there are signs pointing to an imminent bullish surge. From a technical perspective, this could potentially mark the beginning of a significant price increase.

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2024-06-11 18:07