In a proud tweet, Ripple CEO Brad Garlinghouse highlights a series of significant wins for the fintech giant, highlighting the acquisition of Standard Custody & Trust Company and the company’s strategic position in the cryptocurrency market.
The tweet reads, “To date, @Ripple has secured nearly 40 US remittance licenses, an MPI license from MAS, and VASP registration with the Central Bank of Ireland (and counting!).”
In short, Garlinghouse’s short tweet highlighted Ripple’s victory and emphasized its commitment to compliance and regulatory standards.
Strategic acquisition of Ripple’s standard custody and regulatory milestones
Ripple’s recent announcement of its acquisition of Standard Custody & Trust Company highlights its commitment to regulatory compliance.
“StandardCustody will enable us to not only improve our existing product offerings for our customers, but also explore new products and use cases in a fully compliant manner,” says Garlinghouse. \
With the acquisition of Standard Custody and Trust Company, Ripple’s primary focus is to strengthen its product offering and explore new opportunities in the cryptocurrency space.
The acquisition of Standard Custody & Trust Company, an enterprise-grade regulatory platform for digital assets, is poised to significantly enhance Ripple’s custody capabilities.
Standard Custody’s limited purpose trust charter and funds transfer license are fully aligned with Ripple’s commitment to regulatory compliance. The acquisition complements Ripple’s existing New York BitLicense, approximately 40 US remittance licenses, and a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS).
The acquisition of Standard Custody adds to Ripple’s portfolio of regulatory licenses, reflecting the company’s commitment to global regulatory compliance. The fourth quarter report highlights Ripple’s gains in key markets, having secured licenses from regulators such as the Monetary Authority of Singapore and the Central Bank of Ireland.
“By expanding our license portfolio and making smart acquisitions, Ripple is well-positioned to capitalize on current market opportunities and further strengthen our cryptocurrency infrastructure solutions,” emphasizes Monica Long, President of Ripple.
Ripple’s significant wins and strong impression in the cryptocurrency market are evident through its impressive list of achievements, including around 40 US remittance licenses, MPI license from MAS, and VASP registration with the Central Bank of Ireland, as mentioned in the fourth quarter report. .
Mr. Huber’s inquiry regarding XRP’s position
While the CEO was celebrating the victory, a prominent figure in the XRP community, Mr. Huber questions Ripple’s strategy for not having a stablecoin on the XRP Ledger (XRPL). Despite contributing significantly to the growth of XRPL, Ripple has not launched a stablecoin.
Ripple’s reliance on XRP as a bridge currency for cross-border payments, along with its potential role in bridging central bank digital currencies (CBDCs), may influence this strategic decision.
As a result, the Ripple community, along with the entire market, is wondering about Ripple’s decision to launch a stablecoin and potential reasons for choosing XRP over a stablecoin.