Ripple made an announcement of its agreement to acquire Standard Custody & Trust Company, a regulated platform specializing in digital assets. By integrating Standard Custody's limited purpose trust charter and money transmitter licenses into its repertoire, Ripple aims to fortify its portfolio of regulatory licenses.
Ripple's Diverse License Holdings Strengthen Market Position
The surge in institutional adoption of cryptocurrencies and blockchain technology can be attributed to the emergence of mature and highly secure products in the market.
Ripple, along with its subsidiaries, holds an array of licenses, including a New York BitLicense, nearly 40 money transmitter licenses across the US, a Major Payment Institution License from the Monetary Authority of Singapore, and a Virtual Asset Service Provider registration with the Central Bank of Ireland.
Commenting on the acquisition, Jack McDonald, the CEO of Standard Custody, highlighted the company's commitment to providing financial institutions with the confidence and platform to safeguard their digital assets. McDonald expressed optimism about the collaboration with Ripple, citing the latter's deep crypto expertise, financial institution relationships, and robust product offerings in both payments and custody solutions.
Regulatory Approval Pending Standard Custody Acquisition
This acquisition follows Ripple's strategic move last year to acquire Metaco, a custody solution favored by banks globally. Additionally, Ripple recently announced custody partnerships with banks, such as HSBC, BBVA, and Zodia Custody, as well as expanded its Ripple Payments offering to new territories like Africa.
Today, we’re excited to announce that Ripple has signed a deal to acquire @StandardCustody, strengthening our product offerings and adding to our growing portfolio of regulatory licenses around the world. Learn more about our latest acquisition: https://t.co/JJp51mEabL
— Ripple (@Ripple) February 13, 2024
The transaction's completion is contingent upon regulatory approval and standard closing conditions. Monica Long, Ripple's President, emphasized the company's focus on expanding product offerings and supporting innovative initiatives. Long stated: "We will continue to leverage our strong financial standing to expand our product offerings, support new initiatives on the product roadmap and serve a broader segment of customers."
This article was written by Tareq Sikder at www.financemagnates.com.
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