You can play ranked in both standard and wild mode. Will you receive a reward for both or only for the highest rank or.. ?
From the announcement post:
When Standard is introduced you’ll be able to choose between Standard and Wild for Ranked play, and you'll have a separate rank for each format, so you can earn ranks and hit Legend in both Wild and Standard if you wish! You’ll only collect ranked rewards at the end of the season based on the highest rank you attained in one format or the other, but not both, so feel free to play whichever you like best!