Ripple To Finalize Acquisition Of Standard Custody
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Ripple has decided to purchase Standard Custody and Trust Firm, a Corporate-level compliant platform for Crypto assets
This decision highlights Ripple’s dedication to Adherence to legal mandates and allows the firm to extend beyond its main payments system into several other blockchain-based Economic assets for institutional customers.
Ripple Seeks To Utilize The Opportunities In The Present Market
As per the proposed agreement, Ripple will be able to access Standard Custody’s money transmitter licenses and its limited-purpose trust charter. This will contribute to the company’s expanding collection of regulatory licenses.
Ripple and its associated companies collectively possess a digital Asset Service Provider registration with the Central Bank of Ireland, a main Payment Institution License from the Monetary Authority of Singapore, nearly 40 money transmitter licenses across the US, and a New York BitLicense.
The president of Ripple, Monica Long stated that Standard Custody and Ripple want to support several institutions. The two companies plan to enable enterprises to gain from blockchain across various financial scenarios, developing top-tier solutions to exchange, move, store, and tokenize value.
By making clever acquisitions and broadening its range of licenses, Ripple is well prepared to leverage the present market opportunities. The company wants to also reinforce its cryptocurrency infrastructure solutions.
The purchase of Standard Custody comes after the company bought custody provider Metaco for $250 million last year. Lately, Ripple unveiled a variety of collaborations with reputable banks like Zodia Custody, BBVA, and HSBC. The company also announced that it wants to expand its Ripple Payments solutions into more regions, like Africa.
Ripple Is Poised To Transform the Financial Landscape
Ripple’s measures and policies aim to transform the financial industry for financial institutions and businesses rather than retail users.
In 2019, Ripple introduced a “Liquidity Hub” built for business clients interested in offering crypto trading through access to crypto from multiple providers such as OTC market marker, trading desks, and exchanges. Since then, the firm has facilitated access to aggregated liquidity pools, along with OTC desks and exchanges, to get favorable pricing.
Ripple built an efficient digital asset management to create an enterprise-level dashboard for trading, managing, and merging the traditional fiat currencies with the new digital asset landscape.
As the digital market broadens its functionality to the metaverse, NFTs, and DeFi, it is developing projects for smart contract implementation and NFT issuance. The evolution also involves the designing of federated sidechains to ease the incorporation of various platforms.
Ripple introduced a creator fund worth $250 million to empower NFT developers in minting their projects into the XRP Ledger, demonstrating its dedication to the industry.
