Coinspeaker Ripple Closes Standard Custody Acquisition Deal and Appoints Jack McDonald as Senior Vice President of Stablecoins
Ripple Labs, a leading Web3 company focused on revolutionizing the global payment industry through blockchain technology, has announced the closure of a strategic acquisition of Standard Custody & Trust Company. According to the announcement, the successful closure of the Standard Customer acquisition gives the payment blockchain company direct access to its regulatory licenses portfolio.
Moreover, Standard Custody is regulated by the New York Department of Financial Services. As a result, Ripple can further strengthen its enterprise infrastructure solution to enable mass adoption of blockchain technology and digital assets. The deal to acquire Standard Custody was announced earlier this year but has since been undergoing the necessary regulatory approvals.
The company announced the successful acquisition of Standard Custody is in line with its bid to launch a US dollar-backed stablecoin later this year. Consequently, Ripple has appointed Jack McDonald as the Senior Vice President of its stablecoins sector in addition to leading the Standard Custody project.
“With over three decades of experience working with investment banks, asset managers, financial services, and, more recently, fintech and digital assets, Jack brings a wealth of knowledge and expertise to help lead the stablecoin team and bring Ripple’s stablecoin to market,” Ripple noted.
The acquisition of Standard Custody by Ripple marks the second major milestone in the same category after finalizing a $200 million deal to add Metaco to its portfolio. Metaco, a Swiss-based provider of digital asset custody and tokenization technology, has helped Ripple attract more institutional investors to its portfolio in the recent past.
Market Impact on Ripple Products
The closing of the acquisition deal of Standard Custody is a clear testament that Ripple is confident in its payment products despite the legal hurdles in the United States. Already, Ripple has won several fights against the United States Securities and Exchange Commission (SEC) including last year’s summary judgment.
Ultimately, Ripple is expected to further grow in the crypto bull market due to its popularity and potential to win the ongoing lawsuit.
Moreover, Ripple has made strategic moves to ensure mass adoption of XRP and its other digital products. Earlier this year, the company announced the launch of an XRPL-native DEX and a stablecoin meant to be launched later this year.
In its global bid, Ripple has announced expanded its XRPL Fund to enable blockchain innovation in Japan and South Korea.
XRP Price Action
Ripple-backed XRP price has been caught in between the ongoing SEC lawsuit and major XRPL developments in the last few years. As a result, XRP price has continued to consolidate in a macro triangular wedge, which is fast approaching its apex.
From a technical standpoint, XRP price against the US dollar is on the cusp of a major bullish uproar after consolidating for the past six years.
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Ripple Closes Standard Custody Acquisition Deal and Appoints Jack McDonald as Senior Vice President of Stablecoins
