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- The crypto business will assume custody of all of Standard Custody’s current licenses.
- Monica Long, president of Ripple, discussed the purchase and the company’s position.
An enterprise-grade regulated platform for digital assets, Standard Custody & Trust Company, was acquired by blockchain payments provider Ripple Labs.
As of yet, regulatory clearance is required before Ripple Labs can complete its acquisition of Standard Custody, a PolySign subsidiary. Requesting clearance from the relevant authorities highlights Ripple’s dedication to following legislation in various jurisdictions. In addition to enhancing current products, the acquisition provides the company with other avenues for exploring potential new ones.
Another Set of Important Licenses
The crypto business will assume custody of all of Standard Custody’s current licenses and registrations as the sole shareholder once the purchase closes. To be more specific, Ripple Labs will increase its portfolio of regulatory licenses by using Standard Custody’s money transmitter licenses and limited purpose trust charter. Monica Long, president of Ripple, discussed the purchase and the company’s position.
Long stated:
“What Standard Custody brings to the portfolio here is another set of important licenses with trust licenses in the U.S. 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. And so these licenses are really key to us being able to deliver that full end-to-end solution.”
Along with Standard Custody, Ripple earlier expanded its portfolio of firms to include Metaco, a supplier of custody solutions, in its efforts to strengthen its reach.
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