In a boastful tweet, Ripple’s CEO Brad Garlinghouse highlights a series of significant victories for the fintech giant, emphasizing the acquisition of Standard Custody & Trust Company and the company’s strategic positioning in the cryptocurrency market.
The tweet reads, “To date, @Ripple has secured nearly 40 U.S. money transmitter licenses, MPI license from MAS, and VASP registration with the Central Bank of Ireland (and counting!).”
In short, Garlinghouse’s short tweet has shed light on Ripple’s victories, highlighting its commitment to compliance and regulatory standards.
Ripple’s Strategic Acquisition of Standard Custody and Regulatory Milestones
Ripple’s recent announcement of acquiring Standard Custody & Trust Company underscores its dedication to regulatory compliance.
Garlinghouse notes, “With StandardCustody, we’ll be able to improve existing product offerings for our customers, as well as explore new products and use cases, all in a fully compliant way.” \
With the acquisition of Standard Custody and Trust Company, Ripple’s main focus is on strengthening its product offerings and venturing into new opportunities in the crypto space.
The acquisition of Standard Custody & Trust Company, an enterprise-grade regulated platform for digital assets, is poised to enhance Ripple’s custody capabilities significantly.
Standard Custody’s limited purpose trust charter and money transmitter licenses align seamlessly with Ripple’s commitment to regulatory adherence. This acquisition complements Ripple’s existing New York BitLicense, nearly 40 U.S. money transmitter licenses, and its 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 compliance. The Q4 report highlights Ripple’s gains in major markets, securing licenses from regulatory authorities such as the Monetary Authority of Singapore and the Central Bank of Ireland.
Monica Long, Ripple President, emphasizes, “By expanding our licenses portfolio and making smart acquisitions, Ripple is well-positioned to take advantage of the current market opportunities and further strengthen our crypto infrastructure solutions.”
Ripple’s significant victories and its strong impression in the cryptocurrency market is evident through its impressive list of achievements, including nearly 40 U.S. money transmitter licenses, an MPI license from MAS, and VASP registration with the Central Bank of Ireland, as mentioned in the Q4 Report.
Mr. Huber’s Inquiry on XRP’s Position
While the CEO celebrates the wins, Mr. Huber, a prominent figure in the XRP community, questions Ripple’s strategy regarding 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, coupled with its potential role in connecting central bank digital currencies (CBDCs), might be influencing this strategic decision.
As a result, the Ripple community along with the whole market is curiously awaiting Ripple’s decisions on the release of a stablecoin, and the potential reasons behind choosing XRP over a stablecoin.
