Ripple Plans to Acquire Standard Custody & Trust Company

Ripple, a recognized name in the world of digital assets, has announced its intention to acquire Standard Custody & Trust Company. This move highlights Ripple’s commitment to regulatory compliance and its ambition to expand beyond its primary payments network.

Acquiring Enterprise-Grade Platform

Standard Custody & Trust Company offers an enterprise-grade, regulated platform for digital assets. By acquiring this company, Ripple will gain access to the limited purpose trust charter and money transmitter licenses of Standard Custody. This addition will contribute to Ripple’s growing portfolio of regulatory licenses.

Expanding Portfolio of Regulatory Licenses

Ripple and its subsidiaries boast a considerable collection of regulatory licenses. These include a New York BitLicense, almost 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.

Strengthening Crypto Infrastructure Solutions

Ripple president, Monica Long, has voiced the company’s dedication to enabling enterprises to leverage the benefits of blockchain across a range of financial use cases. Building institutional-grade solutions for tokenizing, storing, moving, and exchanging value is a priority. The acquisition of Standard Custody is part of a strategy that aims to enhance the company’s crypto infrastructure solutions.

Previous Acquisitions and Partnerships

This acquisition follows Ripple’s $250 million purchase of custody provider Metaco last year. The company has also recently announced a series of custody partnerships with high-profile banks, including HSBC, BBVA, and Zodia Custody. Additionally, Ripple is expanding its payments offering to new territories, such as Africa.

The completion of the Standard Custody & Trust Company transaction is subject to regulatory approval. The specific financial terms of the deal have not been disclosed.