Ripple announces to acquire Standard Custody & Trust Company

US-based crypto solutions company Ripple has agreed to acquire Standard Custody & Trust Company , an enterprise-grade regulated platform for digital-assets

US-based crypto solutions company Ripple has agreed to acquire Standard Custody & Trust Company , an enterprise-grade regulated platform for digital-assets. The increase in institutional adoption of crypto and blockchain is a result of more mature and highly secure products in the market that are fully regulated and compliant.

With this acquisition, Standard Custody's limited purpose trust charter and its money transmitter licenses will contribute to Ripple’s growing portfolio of regulatory licenses. Ripple and its subsidiaries collectively hold 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. Officials from Ripple said that they are dedicated to enabling enterprises to reap the benefits of blockchain across a host of financial use cases, building institutional-grade solutions to tokenize, store, move, and exchange value.

By expanding their licenses portfolio and making smart acquisitions, Ripple is well-positioned to take advantage of the current market opportunities and further strengthen their crypto infrastructure solutions. Augmenting services globally Ripple's aim to serve enterprises globally remains unchanged. The acquisition of Standard Custody follows the acquisition of Metaco in 2023, a custody solution preferred by banks around the world.

Recently, Ripple announced its custody partnerships with top-tier banks, such as HSBC, BBVA, and Zodia Custody, and expansion to new territories for its Ripple Payments offering through a collaboration with Onafriq, such as Africa. Doubling down on its core businesses in payments and custody, Ripple supports live commercial custody offerings in 20 regulatory jurisdictions, and payments into 70 countries around the world. Officials from Standard Custody & Trust Company said they provide financial institutions with the confidence and platform to safeguard their digital assets.

Ripple continues prominent player in this industry with its deep crypto expertise, relationships with financial institutions, and strong product offerings, across both payments and custody. Together with Ripple, they will further innovate and extend their position in providing crypto infrastructure. The closing of the transaction is subject to regulatory approval and standard closing conditions.

What does Ripple do? Ripple is a player in enterprise blockchain and crypto solutions, transforming how the world moves, manages, tokenizes, and stores value. Ripple’s business solutions are faster, more transparent, and more cost effective - solving inefficiencies that have long defined the status quo. And together with partners and the larger developer community, they identify use cases where crypto technology will inspire new business models and create opportunity for more people.

With every solution, they’re realising a more sustainable global economy and planet - increasing access to inclusive and scalable financial systems while leveraging carbon neutral blockchain technology and a green digital asset, XRP. .

Feb 15, 2024 15:02
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