Ripple announces the completion of the acquisition of Standard Custody & Trust, a FinTech specializing in crypto with a license in New York. The deal is also intended to help Ripple’s planned stablecoin, as a personnel matter shows.
In February, Ripple (XRP) announced its intention to buy the New York-based fintech Standard Custody & Trust. The takeover has now been completed, as Ripple announced. In the deal with Standard Custody & Trust, Ripple was particularly interested in the expertise and licenses of the financial services provider, which specializes in organizing crypto investments and storage for institutions and companies.
It has now emerged that Ripple has also planned to appoint the CEO of Standard Custody & Trust, Jack McDonald, as an important personnel reinforcement. McDonald will remain CEO of Standard Custody & Trust and at the same time take over the newly created position of Director of Stablecoins at Ripple. With more than three decades of professional experience in the financial industry, McDonald will help bring the stablecoin announced by Ripple in April to the market.
This makes an interview with Jack McDonald, which he gave just two weeks ago and in which he already commented on the Ripple stablecoin, doubly exciting. McDonald cited cooperation with regulatory authorities, strategic partners and fine-tuning the business model as direct challenges ahead of the launch of Ripple’s stablecoin and pointed out that the Standard Custody & Trust approvals will be helpful, but do not necessarily cover the entire global target market. According to McDonald, a stablecoin from Ripple pegged 1:1 to the US dollar as a B2B solution will kick off the new business line, with other currencies to follow. In its latest announcement, Ripple also cites last year’s acquisition of Metaco, a Swiss FinTech, as an important piece of the expansion puzzle.
Conclusion: Ripple stablecoin makes XRP look like
Ripple currently seems to be focusing its resources on preparations for the launch of its own stablecoin. Ripple’s handling of XRP, on the other hand, has been criticized and the proceedings with the US Securities and Exchange Commission (SEC) do not bode well for XRP. Ripple is currently organizing a major crypto conference in Amsterdam and perhaps a target date for the stablecoin, or at least its name, will be revealed there this week. In the meantime, there is no momentum for XRP and, from the outside, one gets the feeling that Ripple is slowly pushing its original cryptocurrency onto the sidetrack.
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