Signaling its commitment to navigating the evolving regulatory landscape and expanding its custody offerings, Ripple, a leading blockchain and crypto solutions provider, announced the acquisition of Standard Custody & Trust Company on February 13th. This strategic move follows its purchase of Metaco last year and underscores Ripple’s focus on providing secure and compliant solutions for institutional adoption of cryptocurrencies.
Boosting Regulatory Compliance: The acquisition of Standard Custody, a regulated digital asset platform, bolsters Ripple’s regulatory portfolio. This includes a New York BitLicense, nearly 40 US money transmitter licenses, and licenses from Singapore and Ireland. By adding Standard Custody‘s limited purpose trust charter and money transmitter licenses, Ripple aims to further ease institutional concerns about regulatory compliance in the crypto space.
Expanding Global Reach:
This acquisition complements Ripple’s existing partnerships with major financial institutions like HSBC, BBVA, and Zodia Custody. It also aligns with its global expansion strategy, following the acquisition of Metaco, a custody solution popular among international banks. By doubling down on its core businesses in Payments and Custody, Ripple now boasts live commercial custody offerings in 20 jurisdictions and facilitates payments to 70 countries, solidifying its position as a global leader in fintech.
Also Read: Ripple’s Leap of Faith: XRPL Community Backs Smart Contracts with 93% Vote
Jack McDonald, CEO of Standard Custody, commented: “Standard Custody provides financial institutions with the confidence and platform to safeguard their digital assets. Together with Ripple, we will further innovate and extend our leadership position in providing crypto infrastructure.”
Ripple XRP Market Outlook
The global cryptocurrency market has experienced a welcome surge, with the total market cap jumping 2.43% in the last 24 hours to reach $29.30 billion. This positive movement comes after a period of relative stagnation, and many leading cryptocurrencies are seeing gains.
XRP Takes the Spotlight: Among the top performers is XRP, the native token of the Ripple network. As of February 14th, 2024, XRP is trading at $0.537324, marking a 2.22% increase in the last 24 hours. This upward momentum puts XRP at the forefront of the market recovery, currently holding the sixth position by market cap.
Looking at the Numbers: XRP boasts a 24-hour trading volume of $1.11 billion, indicating continued investor interest and activity. With a circulating supply of 54.51 billion XRP coins and a maximum supply of 100 billion XRP coins, XRP offers a unique investment opportunity within the cryptocurrency landscape.
Technical Analysis: Examining XRP’s price movement over the past 24 hours reveals a high of $0.53781 and a low of $0.520907. This relatively tight range suggests consolidation, potentially paving the way for further upward movement.
What’s Next for XRP? While predicting future price movements is always challenging, XRP’s strong performance today could be a positive sign for the coming days. Continued positive developments within the Ripple ecosystem, such as regulatory progress or strategic partnerships, could further fuel XRP’s momentum.
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