2 Hot Developments for Ripple: What is the Price?

Ripple, the leading blockchain payment company, has taken a valuable step in the field of crypto asset protection. 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

Standart Custody and Trust Company is known for its reliable and corporate level protection 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 valuable acquisition in addition to Ripple’s nearly 40 state money transfer licenses across the US, its Major Payments Institution License from the Monetary Authority of Singapore, and its 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 corporate customers to tokenize, store, carry and transfer security 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 classical finance and meet the growing demand for stablecoins that offer faith, stability and utility.

Ripple plans to integrate the stablecoin into the XRP Ledger, using its experience in providing extensive financial analysis. 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 Deputy Stablecoin Leader at Ripple. McDonald’s expertise and leadership are expected to play a valuable role in guiding Ripple’s stablecoin initiatives. This appointment is in line with Ripple’s strategic vision to launch its own stablecoin. McDonald will also continue his role as CEO of Standart Custody.

XRP Ledger grows in Asia with Japan and Korean 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, enterprise investments and community growth. The fund will allow companies, enterprises, 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 Japanese and Korean markets.

The XRP Ledger Japan and Korea Fund is a module 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 segments. Following all these developments, the XRP price sees a decrease of 2.5 percent. Considering the general decline in the cryptocurrency market, this decline rate is quite reasonable.