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In a strategic move to bolster its regulatory credentials, Ripple has announced its plan to acquire Standard Custody & Trust Company. This acquisition, pending regulatory approval, is set to enhance Ripple’s portfolio of digital asset solutions and regulatory licenses, marking a significant step in the company’s expansion.
Ripple Plans to Acquire Standard Custody & Trust Company Pending Regulatory Consent
Ripple‘s decision to acquire Standard Custody reflects a broader industry trend toward the integration of blockchain and digital assets within regulated financial frameworks. The announcement sent to Bitcoin.com News says that by incorporating Standard Custody’s trust charter and money transmitter licenses, Ripple aims to solidify its position in the crypto and blockchain sector.
This acquisition adds to Ripple’s list of regulatory licenses, including a New York Bitlicense and a Major Payment Institution License from Singapore, among others. “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,” Monica Long, the president of Ripple, emphasized in a statement.
Long added:
We will continue to leverage our strong financial standing to expand our product offerings, support new initiatives on the product roadmap, and serve a broader segment of customers.
The announcement details that Ripple’s global presence continues to grow, with the acquisition of Standard Custody following the purchase of Metaco, another key player in the custody solutions space. The company notes that Ripple’s partnerships with leading banks and its expansion into new territories aim to reinforce its core businesses in payments and custody, with operations spanning 20 regulatory jurisdictions and payment corridors to 70 countries.
“Standard Custody provides financial institutions with the confidence and platform to safeguard their digital assets,” Jack McDonald, Standard Custody’s CEO remarked on Tuesday. “Ripple continues to lead the industry with its deep crypto expertise, relationships with financial institutions, and strong product offerings, across both payments and custody.”
Standard Custody is a Polysign subsidiary and the completion of the acquisition is contingent upon regulatory consent and customary closing conditions. TD Cowen served as the exclusive financial advisor to Polysign, according to Tuesday’s announcement.
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