Versan Aljarrah, a well-known YouTuber and founder of Black Swan Capitalist, recently gave Ripple(XRP) a positive review. Aljarrah stated in a recent X post that XRP might be significant in light of the increased demand for cryptocurrencies that are price-pegged to gold. While there have been discussions about XRP being accepted by international banks and other financial institutions for settlements on a worldwide scale, there has been conjecture that XRP may be backed by gold for its fair value.
He mentioned that Miles Franklin CEO Andy Schectman and financial analyst Vandell of Black Swan Capitalist conducted extensive research on XRP and the wider cryptocurrency sector and came to the conclusion that XRP is the “key” to stablecoins backed by gold.
Even while XRP has achieved progress and acquired a sizable amount of wealth with XRP, the possibility of refocusing to make XRP a stablecoin has generated debate in the cryptocurrency community.
With XRP creating a buzz, Ripple aims to buy New York Crypto Trust Company to Expand U.S. Options.
Ripple Diversifies U.S. Crypto Services
With a New York charter, Standard Custody & Trust Co. will soon be the newest company to strengthen Ripple’s regulatory standing. The business said on Tuesday that Ripple has completed an agreement to purchase Standard Custody & Trust Co. as part of its continued expansion of U.S. regulatory clearances. Despite XRP’s primary concentration on foreign markets and its well-known legal battle with the U.S. Securities and Exchange Commission (SEC), which has largely ruled against the regulator thus far, this action attempts to obtain a New York trust charter. The international payments company is dedicated to improving its skills in the US market despite these obstacles.
By obtaining the targeted company’s limited-purpose trust charter in New York, XRP will be able to provide more in-house services, especially for financial institutions that are interested in asset tokenization. In addition to its well-known payments network, Ripple wants to use blockchain technology to expand into other financial products and provide its institutional customers more value.
The agreement with Standard Custody & Trust expands Ripple’s stability by bringing in a cryptocurrency custody and settlement company. Ripple has declined to reveal the specifics of the agreement, which is still pending clearance from the New York Department of Financial Services. Customers would be able to keep custody with Ripple rather than needing to go to an outside partner as a result.