Ripple Commemorates Significant Acquisition and Achievements in Regulatory Landscape
Ripple CEO Brad Garlinghouse took to Twitter to proudly announce a series of significant achievements for the fintech giant, including the acquisition of Standard Custody & Trust Company and its strong position in the cryptocurrency market.
Garlinghouse’s tweet highlighted Ripple’s commitment to compliance and regulatory standards, boasting about the company’s acquisition of nearly 40 U.S. money transmitter licenses, an MPI license from MAS, and VASP registration with the Central Bank of Ireland.
The acquisition of Standard Custody & Trust Company further demonstrates Ripple’s dedication to regulatory compliance. Garlinghouse explained that the acquisition will not only improve existing product offerings but also open doors for new products and use cases, all in full compliance with regulations.
By acquiring Standard Custody, Ripple aims to strengthen its product offerings and explore new opportunities in the cryptocurrency space. The acquisition is expected to significantly enhance Ripple’s custody capabilities, as Standard Custody is an enterprise-grade regulated platform for digital assets.
The alignment between Standard Custody’s limited purpose trust charter and money transmitter licenses with Ripple’s commitment to regulatory adherence makes this acquisition a perfect fit. It complements Ripple’s existing licenses, including the New York BitLicense, nearly 40 U.S. money transmitter licenses, and the MPI license from MAS.
The addition of Standard Custody to Ripple’s portfolio of regulatory licenses showcases the company’s commitment to global compliance. The Q4 report highlighted Ripple’s success in securing licenses from regulatory authorities in major markets such as the Monetary Authority of Singapore and the Central Bank of Ireland.
Monica Long, Ripple President, emphasized that by expanding their licenses portfolio and making strategic acquisitions, Ripple is well-positioned to capitalize on current market opportunities and strengthen their crypto infrastructure solutions.
Ripple’s impressive list of achievements, including the acquisition of Standard Custody, nearly 40 U.S. money transmitter licenses, an MPI license from MAS, and VASP registration with the Central Bank of Ireland, showcased its significant victories and notable presence in the cryptocurrency market.
However, while Ripple celebrates these wins, Mr. Huber, a prominent figure in the XRP community, has raised concerns about the absence of a stablecoin on the XRP Ledger (XRPL). Despite being a major contributor to XRPL’s growth, Ripple has not introduced its stablecoin.
Ripple’s reliance on XRP as a bridge currency for cross-border settlements and its potential role in connecting central bank digital currencies (CBDCs) may be influencing this strategic decision. The Ripple community and the market as a whole eagerly await Ripple’s decision on the release of a stablecoin and the reasons behind choosing XRP over a stablecoin.
Tags: Ripple (XRP)