summary
- XRP Update: Acquisition Bolsters Ripple’s Position in the US Crypto Market
- Standard Custody & Trust Deal Enhances Ripple’s Presence
- Metaco Leadership Shifts Following Ripple Acquisition
XRP Update: Acquisition Boosts Ripple’s Standing in the US Crypto Market
As expected, Ripple recently disclosed its agreement to acquire Standard Custody & Trust Co. This move aims to secure a trust license in New York, thereby expanding its footprint within the regulatory framework of the United States.
Despite facing international scrutiny and an ongoing legal battle with the US SEC, which has largely characterized the company’s interactions with regulatory bodies, Ripple remains committed to advancing its presence in the US.
The acquisition target’s limited trust license in New York will enable Ripple to broaden its suite of in-house services, particularly catering to financial institutions interested in asset tokenization.
Ripple’s objective is to diversify its offerings beyond its payment network, introducing new blockchain-based financial products to serve institutional clients.
Monica Long, Ripple’s president, noted in a recent interview that the company is focused on providing increasingly sophisticated infrastructure to financial institutions, viewing this acquisition as part of a broader long-term strategy.
Furthermore, she highlighted Ripple’s ongoing efforts to secure the remaining money transmission licenses across the United States.
The deal with Standard Custody & Trust
Also highlighted are Ripple’s strategies and agreements in the United States, particularly regarding the recent deal with Standard Custody & Trust.
The exact value and specifics of the agreement remain confidential pending approval from the New York Department of Financial Services.
This acquisition will enhance Ripple’s capabilities by incorporating crypto custody and settlement activities, enabling customers to manage custody directly through Ripple rather than relying on external parties.
Despite ongoing disputes with the SEC and regulatory uncertainties surrounding digital assets in the United States, Ripple sees the US market as crucial and believes it has the potential to lead in industry innovation.
This acquisition follows a previous agreement through which Ripple acquired another cryptocurrency custody company, Metaco.
Changes in Leadership at Metaco Following Ripple’s Acquisition
Metaco, a cryptocurrency custody company recently acquired by Ripple, has announced the departure of two prominent figures.
Adrien Treccani, the CEO, and Peter DeMeo, the Chief Product Officer, have resigned, signaling a significant shift in leadership following Ripple’s acquisition in May 2023.
This development has prompted discussions within the crypto community regarding Metaco’s future under Ripple’s influence and its potential impact on the cryptocurrency custody sector.
The departure of Treccani and DeMeo comes at a pivotal juncture for Metaco, known for its innovative approach to digital custody solutions.
Under their leadership, Metaco has earned acclaim for providing secure and scalable custody services for digital assets, serving a diverse clientele, including banks, financial institutions, and corporate entities.
Ripple’s acquisition of Metaco is viewed as a strategic move to bolster the company’s cryptographic solutions, integrating Metaco’s custody expertise into Ripple’s expanding portfolio of offerings.
A spokesperson for Ripple acknowledged the contributions of the departing executives, expressing appreciation for Adrien’s leadership and his team in establishing a robust custody business.
Furthermore, the spokesperson underscored the significance of custody in Ripple’s growth strategy, reaffirming the commitment to uphold Metaco’s standards of service and innovation during this transition in leadership.
