Ripple Update: Ripple Finalizes Standard Custody Acquisition to Enhance Stablecoin Strategy, XRP strengthens Innovation and Utility in the APAC region
Ripple has confirmed the successful finalization of its acquisition of Standard Custody & Trust Company, a regulated digital asset custodian. This regulatory-approved milestone signifies strategic growth for Ripple, further strengthening its capacity to provide secure digital asset custody solutions.
Ripple’s acquisition of Standard Custody aligns with its goal of integrating blockchain technology into the global financial system. Standard Custody & Trust Company is recognized for its secure, enterprise-grade custody solutions. Consequently, this acquisition expands Ripple’s range of licenses with the addition of a limited-purpose trust company regulated by the New York Department of Financial Services.
Ripple’s regulatory achievements now encompass nearly 40 US state money transmitter licenses. Additionally, the blockchain company holds a Major payment institution License from Singapore’s Monetary Authority and a Virtual Asset Service Provider (VASP) registration from the Central Bank of Ireland.
This acquisition marks a significant milestone for Ripple as it aligns with the company’s leveraging blockchain and digital asset technology, empowering institutional clients to tokenize, store, transfer, and exchange value more efficiently.
Furthermore, this acquisition opens avenues for Ripple to explore new product offerings, including its upcoming USD-backed stablecoin. Ripple’s stablecoin initiative aims to bridge the gap between blockchain and traditional finance while addressing the increasing demand for stablecoins that provide trust, stability, and utility.
Meanwhile, Ripple announced the launch of the XRP Ledger Japan and Korea Fund. This dedicated fund aims to advance innovation and utility within the Asia-Pacific region for the XRP Ledger (XRPL). It will prioritize various initiatives such as corporate partnerships, developer support, startup investments, and community expansion to strengthen XRPL.
The XRP Ledger Japan and Korea Fund will provide opportunities for corporations, startups, developers, community members, and other entities to apply for and benefit from the fund. Further information on the application process tailored for the dynamic Japanese and Korean markets will be released by the company.
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