Ripple Labs, the blockchain technology company focused on revolutionizing global payments, finalized its acquisition of Standard Custody & Trust Company on June 11th, 2024.
Earlier this year, Ripple announced its intent to acquire @StandardCustody, and today, we're pleased to share that the acquisition is now complete!
Learn how this deal further enables Ripple to deliver on building the Internet of Value:https://t.co/pS3QxeOOWm
— Ripple (@Ripple) June 11, 2024
This strategic acquisition, announced earlier this year, strengthens Ripple’s infrastructure for broader goals like real-world asset tokenization and, potentially, a U.S. dollar-pegged stablecoin. Standard Custody’s regulatory licenses, particularly their approval by the stringent New York Department of Financial Services (NYDFS), were a key factor for Ripple.
The deal also brings on board Jack McDonald, CEO of Standard Custody. He will take on the dual role of Senior Vice President of Stablecoins at Ripple while continuing to lead Standard Custody. This leadership continuity ensures a smooth integration and leverages McDonald’s expertise in the digital asset custody space.
Very excited to share that as part of the deal close, I am joining @Ripple as the SVP of Stablecoins to lead the team bringing Ripple’s stablecoin to market later this year (though remaining CEO of Standard Custody as well)! https://t.co/qIWAeRJ8ll
