Ripple completes acquisition of Commonplace Custody

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  • Ripple has accomplished its acquisition of Commonplace Custody and Belief Firm, in keeping with a information launch issued on Tuesday.
  • The information comes months after Ripple revealed its intentions to amass a regulated digital asset custody resolution.

Ripple completes acquisition of Commonplace Custody

Commonplace Custody will permit Ripple so as to add regulated restricted goal belief firms to its portfolio, assuming the New York State Division of Monetary Companies (NYDFS) licenses the custodian.

The blockchain firm stated in an announcement right now that the deal has acquired all vital regulatory approvals.

The deal marks Ripple's second main acquisition within the digital asset custody market.

In Might 2023, Ripple acquired Metaco, a number one digital asset custody supplier for institutional buyers. In accordance with the announcement, the brand new deal underscores Ripple's progress and presence throughout the digital asset ecosystem.

Ripple eyes stablecoin market

Ripple's traction presently spans cross-border funds, cryptocurrency custody, CBDC, tokenized real-world belongings (RWAs) like shares, bonds, commodities and many others. Ripple can also be trying to enter the stablecoin market.

“This marks an thrilling new chapter for Ripple as we construct on our dedication to regulatory compliance, improve our present product choices, and discover new complementary merchandise like stablecoins,” Ripple wrote in a weblog publish.

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Ripple just lately introduced plans to launch a US dollar-backed stablecoin, a growth that can see the corporate leverage its stablecoin and native crypto token, XRP, to energy its fee options.

The U.S.-based cryptocurrency firm plans to situation the brand new stablecoin on the XRP Ledger and use it to develop liquidity to its native decentralized trade (DEX).

“There may be nice demand for stablecoins that supply reliability, stability and practicality, and Ripple is dedicated to serving this rising market with greater than a decade of expertise constructing real-world monetary options for international establishments,” the corporate stated.

Commonplace Crypto CEO Jack McDonald has joined Ripple as senior vice chairman of stablecoins.