Ripple to Acquire Standard Custody to Strengthen Regulatory Licenses Portfolio
Ripple has announced a deal to acquire the New York-based digital asset platform Standard Custody and Trust Company, pending regulatory approval.
Once the acquisition is finalized, Ripple will become the sole shareholder of Standard Custody , leveraging its limited-purpose trust charter and money transmitter licenses to enhance its regulatory license portfolio.
Ripple, known for its innovative blockchain-based payment solutions, is strategically positioning itself to further penetrate the US financial sector. The deal with Standard Custody & Trust, subject to approval from the New York Department of Financial Services, adds a crypto custody and settlement business to Ripple’s portfolio. This acquisition enables customers to maintain custody with Ripple instead of relying on external partners.
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
Despite its focus on international markets and ongoing legal disputes with the U.S. Securities and Exchange Commission (SEC), Ripple remains committed to enhancing its regulatory qualifications and operational capabilities within the country. By acquiring Standard Custody & Trust Co., a company with a New York trust charter, it aims to unlock new opportunities for growth. Ripple aims to broaden its offerings beyond its renowned payments network and venture into other financial products where institutional customers can leverage blockchain technology.
The acquisition of Standard Custody & Trust will enable Ripple to offer more
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