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Ripple announces acquisition of standard custody and trust company

TL;DR

  • Ripple is acquiring Standard Custody to boost its regulatory licenses and expand its services in digital assets.
  • The acquisition strengthens Ripple’s position in offering comprehensive solutions to institutional clients.
  • Standard Custody’s expertise and licenses will enhance Ripple’s ability to navigate evolving regulatory landscapes globally.

 

Ripple, a prominent player in the digital asset space, has revealed plans to acquire Standard Custody and Trust Company, a New York-based digital asset platform. The acquisition, subject to regulatory approval, marks a significant move for Ripple to strengthen its regulatory license portfolio and expand its offerings in the blockchain-based financial services sector.

Expanding regulatory licenses portfolio

Upon the completion of the acquisition, Ripple will become the sole shareholder of Standard Custody. Integrating Standard Custody’s limited purpose trust charter and money transmitter licenses into Ripple’s existing portfolio will enable the company to provide its clientele a comprehensive suite of services. 

Monica Long, President of Ripple, emphasized the importance of these licenses in delivering a full end-to-end solution, stating, “Being able to provide not just the technology component to financial institutions who want to use blockchain for all types of decentralized financial services, you also need a compliance piece.”

Ripple’s regulatory licenses portfolio already includes multiple sets of money transmission licenses in the U.S. and the MPI license in Singapore. Adding trust licenses from Standard Custody further strengthens Ripple’s regulatory standing and enhances its ability to cater to the evolving needs of its clients worldwide.

Enhanced service offerings

Standard Custody, known for its digital asset custody, escrow, and settlement services for institutional clients, received de novo application approval for a New York trust license in May 2021. This acquisition will enable Ripple to leverage Standard Custody’s expertise and infrastructure to bolster its service offerings, particularly in the institutional space. 

With a growing European custody team and a diverse clientele across five continents, Ripple is poised to solidify its position as a leading provider of blockchain-based financial solutions.

Strategic partnerships and clientele

Standard Custody, a subsidiary of PolySign, a digital asset infrastructure firm, has established itself as a trusted player. Ripple’s acquisition aligns with its strategic vision to expand its reach and enhance its capabilities. 

Notable public clients of Standard Custody include HSBC, DekaBank, VP Bank, and DZ Bank in Germany, with ongoing relationships with Société Générale, BBVA Switzerland, DBS, and Zodia Custody.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Ibrahim Abdulaziz

A fervent advocate, Ibrahim shares his wealth of knowledge on crypto and blockchain technology in an engaging and informative style. He frequents places where influencers gather for his next scoop. His vision is that the decentralized nature, security features, and potential for financial inclusion will drive widespread massive crypto adoption.

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