Introducing Ripple Prime: We’re pleased to share that our acquisition of Hidden Road is officially complete, making Ripple the first crypto company to own and operate a global, multi-asset prime broker – bringing the promise of digital assets to institutional customers at scale. https://t.co/bckqEHYm1V
NEW: 🇺🇸 Coinbase CEO Brian Armstrong says both parties are working hard to pass the Bitcoin and crypto market structure bill by next month
"We're 90% there."
🚨BREAKING: The @SECGov has issued a no-action letter saying that investment advisers can use state-chartered trust companies as qualified custodians for crypto assets.
What does this mean?
Under the Investment Advisers Act of 1940, advisers must keep client assets with a qualified custodian, usually a bank or a trust company with national fiduciary powers.
This guidance gives investment advisers and registered funds comfort that they can use a state trust company to custody crypto assets.
“This additional clarity was needed because state-chartered trust companies were not universally seen as eligible custodians for crypto assets,” Brian Daly, Director of the SEC’s Division of Investment Management told me.
Under this new staff guidance, state-chartered trust companies can now qualify for crypto custody if investment advisers do their due diligence and deem it in clients’ best interests.
Why does it matter?
It opens the door for more players in the crypto custody market as well as broader access for funds to custody crypto. Players such as @coinbase, @Ripple (through @StandardCustody), @BitGo, @WisdomTreeFunds and others will be recognized as qualified custodians.
“This is a staff letter, so at some point, this topic could be addressed by future rulemaking, Daly said. “We believe the market will benefit from having this guidance for today’s products, today’s managers, and today’s issues.”
How do you unlock real-time liquidity for institutional assets? With $RLUSD. https://t.co/rxGHxwu64z
Our new partnership with @Securitize will allow holders of @BlackRock's $BUIDL and @VanEck_US's $VBILL to instantly exchange their shares for $RLUSD, thereby preserving exposure to onchain yield and other DeFi capabilities.
Securitize is also integrating with the XRP Ledger to expand access and utility to the XRP ecosystem.
This is how we’re building the infrastructure for a more efficient, compliant and onchain future.
indisputable $XRP facts
1. XRP has been used for remittances and cross border payments for YEARS and will continue to do so.
2. XRP is a lot more than just what Ripple is doing. see RWA/equity/asset tokenization, defi, NFTs, ect. hundreds or even thousands of projects building on top of the XRPL or implementing XRP.
3. RLUSD is rapidly closing in on 1 billion market cap and a top 100 token. It will be a backbone of liquidity for defi on the XRPL. Stablecoins will eat banks alive if they don't adopt and implement current stablecoins dominating the market.
4. Publicly traded companies are buying XRP to hold on their balance sheets and there are 15 XRP ETFs waiting for approval by the SEC.
5. XRP is the 3rd highest market cap L1, has one of the highest holder bases in all of crypto and been the longest in the top 10 outside of BTC. it's not going away.