In a nutshell, the blockchain company behind XRP, Ripple, has just announced it’s buying Standard Custody & Trust Company, the platform for safely storing digital assets. This is an attempt to make crypto more appealing to the universe of big institutions, including, of course, banks and investment firms.
Here’s the gist:
- More Licenses, More Trust: Standard Custody possesses some special licenses that allow it to keep and move digital assets legally. By buying these, Ripple is adding those licenses to its own collection, making the company look more reliable to potential customers.
- Building out the crypto infrastructure: Ripple seeks to be the go-to company for giving businesses the option to use blockchain and crypto. Purchasing this company would help them offer more complete services like secure storage and easy transfers.
- “Global ambitions: Ripple already works with companies across the globe, and this deal allows it to go one step further. They are especially interested in tapping the African market and the new partnerships with big banks.
It is a significant step in major players getting more serious about regulation and compliance. It also holds the potential of leading the way for normal people in order to access and use cryptos more easily and effectively in the coming days.
Remember, this is just a summary. If you want the full details, check out the original news release.