2 Hot Developments for Ripple: What is the Price?

Ripple, the leading blockchain payment company, has taken a significant step in the field of crypto asset custody. The acquisition of Standard Custody and Trust Company significantly strengthens Ripple’s ability to provide crypto asset services. This acquisition underlines Ripple’s ambitions to integrate crypto assets into the global financial system.

Cryptocurrency service with Standard Custody

Standard Custody and Trust Company is known for its secure and enterprise-grade storage services. With this acquisition, Ripple adds a special purpose custodial company regulated by the New York Department of Financial Services to its licensing portfolio. This is a significant acquisition in addition to the nearly 40 state money transfer licenses Ripple holds across the US, the Major Payments Institution License from the Monetary Authority of Singapore, and the Virtual Asset Service Provider (VASP) registration from the Central Bank of Ireland.

The acquisition is in line with Ripple’s strategy to support enterprise infrastructure solutions powered by blockchain and crypto asset technology. These solutions enable enterprise customers to tokenize, store, move and transfer value more efficiently.

New development for Ripple stablecoin

Alongside this acquisition, Ripple is also paving the way to explore new product offerings, including a US dollar-backed stablecoin it plans to launch soon. This stablecoin initiative aims to bridge the gap between blockchain and traditional finance and meet the growing demand for stablecoins that offer trust, stability and utility.

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Ripple plans to integrate the stablecoin into the XRP Ledger, leveraging its experience in providing extensive financial solutions. This will increase liquidity on Ledger’s native decentralized exchange (DEX) and support a wider range of financial use cases for developers, users and businesses.

An important point of the acquisition is the appointment of Standard Custody CEO Jack McDonald as Senior Vice President of Stablecoins at Ripple. McDonald’s expertise and leadership are expected to play a key role in driving Ripple’s stablecoin initiatives. This appointment is in line with Ripple’s strategic vision to launch its own stablecoin. McDonald will also continue in his role as CEO of Standard Custody.

XRP Ledger grows in Asia with Japan and Korea funds

Ripple announced that it has launched the XRP Ledger Japan and Korea Fund to increase innovation and utility in the Asia Pacific region, where demand for XRP Ledger technology is high. This dedicated fund will promote the use of the XRP Ledger (XRPL) by focusing on areas such as corporate partnerships, developer grants, venture investments and community growth. The fund will allow companies, startups, developers, community members and other organizations to apply and benefit from the funds. Ripple will soon announce more information about the application process for the dynamic Japan and Korean markets.

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The XRP Ledger Japan and Korea Fund is part of the 1 billion XRP commitment earmarked for XRPL development and expansion through the XRP Grants and XRPL Accelerator programs. The fund will collaborate with leading companies in Japan and Korea to integrate the use of XRP Ledger and explore enterprise use cases across various industries. After all these developments, the XRP price is trading with a decrease of 2.5 percent. Considering the overall decline in the cryptocurrency market, this decline rate is quite reasonable.

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