GetBlock Magazine - What happened? The fintech company Ripple, which developed the payment protocol of the same name and the XRP token, announced the successful completion of a transaction to purchase the regulated institutional custodian of digital assets Standard Custody. As a result of the purchase, Ripple also received a license from the New York State Department of Financial Services (NYDFS) in addition to its existing money transmitter licenses in 40 US states, a Major Payment Institution (MPI) license from the Central Bank of Singapore and a Virtual Asset Service Provider (VASP) license. from the Central Bank of Ireland.
Press release
What else is known? The deal closes on the heels of Ripple's announcement of plans to launch a US dollar-pegged stablecoin that aims to bridge the gap between the crypto market and the traditional financial services sector. The company emphasized that stable coins are in great demand.
“Market participants need trust, utility and liquidity to unlock access to these new asset classes and the broader crypto market, and Ripple is committed to accelerating this growth,” the company concluded.
