Ripple has agreed to acquire Standard Custody & Trust Company, an enterprise-grade regulated platform for digital assets.
In brief:
- The move underscores Ripple's commitment to regulatory compliance and enables the company to expand beyond its primary payments network into other blockchain-based financial products for institutional clients.
- Ripple will gain access to Standard Custody's limited purpose trust charter and its money transmitter licenses, contributing to the firm's growing portfolio of regulatory licenses
- Ripple and its subsidiaries collectively hold a New York BitLicense, nearly 40 money transmitter licenses across the US, Singapore, and Ireland.
What does this mean?
Monica Long, Ripple president, says: “Ripple and Standard Custody 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 our licenses portfolio and making smart acquisitions, Ripple is well-positioned to take advantage of the current market opportunities and further strengthen our crypto infrastructure solutions.”
