According to PANews, Ripple has announced the completion of its acquisition of the New York-based crypto trust company, Standard Custody & Trust Company. This acquisition adds a limited purpose trust company, regulated by the New York Department of Financial Services, to Ripple's license portfolio. In addition to this, Ripple has appointed Jack McDonald as the Senior Vice President of Stablecoin, while he continues to serve as the current CEO of Standard Custody.
Previously, Ripple indicated that once the acquisition was approved, it would be able to carry out cryptocurrency custody and settlement services. This move marks a significant step for Ripple in expanding its operations and services in the crypto industry.