Fun

Ripple Labs closes Standard Custody acquisition deal

News Feed - 2024-06-12 02:06:43

Vince Quill6 hours agoRipple Labs closes Standard Custody acquisition dealJack McDonald will remain CEO of Standard Custody while also serving in his new role as senior vice president of stablecoins at Ripple.2697 Total views7 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksRipple Labs closed its acquisition of Standard Custody, a digital asset custodian, on June 11. The deal, first announced earlier this year, is central to Ripple’s planned rollout of a United States dollar stablecoin and broader goals of real-world asset tokenization.


As part of the deal, Standard Custody CEO Jack McDonald will be appointed as Ripple’s senior vice president of stablecoins while remaining as the CEO of Standard Custody.Source: Jack McDonald


Ripple highlighted Standard Custody’s licensing as a core feature of the digital asset custodian, pointing to Standard Custody’s regulatory approval from the New York Department of Financial Services (NYDFS) — one of the strictest financial regulators when it comes to digital assets.


The acquisition of Standard Custody follows Ripple’s 2023 acquisition of Metaco, another digital asset custody firm, for $250 million. Ripple’s purchase of Metaco was underscored by the belief that the institutional crypto custody industry will reach $10 trillion by 2030 as banks increasingly seek to provide digital asset custodial services to their customers.


Related:Ripple partners with National Bank of Georgia to digitize economy


Included within the realm of custody services is the emergence of real-world asset tokenization — a market that could swell to over $800 trillion if all the world’s capital assets are tokenized, according to Chainlink.


Real-world asset tokenization has become a major focus for firms like Ripple Labs, Chainlink and Algorand; the emerging tokenization market is widely believed to be the next big frontier for cryptocurrencies, blockchain and digital assets.


In May, the Depository Trust and Clearing Corporation (DTCC) published its report of a real-world asset tokenization pilot program conducted between the DTCC and several large banks, including JP Morgan, Edward Jones and BNY Mellon, which leveraged Chainlink’s CCIP interoperability protocol.


The purpose of the experiment was to test the tokenization of fund data and simulate bringing real-world data onchain. According to the DTCC’s report, several benefits of blockchain tokenization were identified, including automated data management and reducing the need for record-keeping, real-world transparent APIs for customers, and the ability to create “dynamic data management across the life cycle of an asset.”


Ultimately, the pilot program provided insight into potential future applications for banks and other institutional operators looking to leverage blockchain tokenization in their products and services, such as brokerage applications or automated data feeds.


Magazine:The secret of pitching to male VCs: Female crypto founders blast off# Blockchain# Business# Ripple# Tokens# Stablecoin# DeFiAdd reaction

News Feed

Binance Forming Crypto Industry Recovery Fund to ‘Reduce Further Cascading Negative Effects of FTX’
Binance Forming Crypto Industry Recovery Fund to "Reduce Further Cascading Negative Effects of FTX" Cryptocurrency exchange Binance is forming an industry recovery fund to “r
NBA 2K20 Pro Booted from 2K League for Gambling. Seriously.
A professional NBA 2K20 player was just banned from 2K League for violating the esports league"s gambling policy. Seriously. | Source: Heat Check Gaming/Twitter (i), NBA 2K20/Facebook (ii). Image Edited by CCN.
Indian Government Seeks Wider Consultation Before Finalizing Crypto Bill: Report
Indian Government Seeks Wider Consultation Before Finalizing Crypto Bill: Report The cryptocurrency bill that was listed to be taken up in the current session of parliament is repo
ETH Fees Surge to All Time High After the Crypto Passed the $1,000 Mark
ETH Fees Surge to All Time High After the Crypto Passed the $1,000 Mark After the ether token surged past the $1,000 mark on January 3, the average transaction f
TON Network TVL surpasses $760M — Is this bullish for TON price?
Marcel Pechman8 hours agoTON Network TVL surpasses $760M — Is this bullish for TON price?Investors’ excitement over airdrops and other incentives fueled TON Network’s TVL, but how sustainable is this strategy?1466
US Bitcoin miners silent in face of Kerrisdale ‘snake oil’ claims
Robert D. Knight10 hours agoUS Bitcoin miners silent in face of Kerrisdale ‘snake oil’ claimsU.S. Bitcoin miners have remained tight-lipped following a recently released Kerrisdale Capital report criticizing the indu
Derek Andersen7 hours agoAave, Circle, Base become founding members of Tokenized Asset CoalitionIt’s a big day for asset tokenization, as many of the biggest names in the field announced the formation of an association
Amaka Nwaokocha2 hours agoParadigm accuses SEC of bypassing rules in Binance lawsuitParadigm claimed the SEC is attempting to use the allegations in its complaint to alter the law without adhering to the established rule
Sports Illustrated Awards Sweepstakes Sponsored by FTX to Give Away 1 Bitcoin
Sports Illustrated Awards Sweepstakes Sponsored by FTX to Give Away 1 Bitcoin The annual Sports Illustrated (SI) Awards have just revealed the line-up for the firm’s 2021 aw
Here’s Why The Bitcoin Price Continues To Hold Steady Between $96,000 And $98,000
Este artículo también está disponible en español. The Bitcoin price has dropped below the $100,000 psychological level and is now holding between the $96,000 and $98,000
South African University to Commence Blockchain and Digital Currency Education in November
South African University to Commence Blockchain and Digital Currency Education in November A South African university, the University of Cape Town (UCT) has revealed it will commen
Cryptocurrency Explained on the Latest Episode of The Simpsons
Cryptocurrency Explained on the Latest Episode of The Simpsons Could this be a sign that the mainstream media is warming up to bitcoin again like they did before the 2017 rally?