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Ripple, a market leader in enterprise blockchain and cryptocurrency services, will acquire the certified platform for digital assets Standard Custody & Trust Company. This exemplifies Ripple’s commitment to regulatory compliance, enabling the organization to expand its existing product line and explore additional prospects.
By means of this acquisition, Ripple will gain Standard Custody’s money transfer certification and limited purpose trust charter, which will contribute to its growing portfolio of accreditations.
A Monetary Authority of Singapore Major Payment Institution License, a New York BitLicense, and approximately forty money transmitter certificates are all held by Ripple and its subsidiaries. An additional accreditation is a designation as a Virtual Asset Service Provider with the Central Bank of Ireland.
Ripple and Standard Custody are dedicated to enabling enterprises to capitalize on the benefits associated with blockchain technology across a variety of financial applications, as well as developing cutting-edge solutions for tokenizing, storing, transferring, and exchanging value. Monica Long, the president of Ripple, has stated that the organization is presently augmenting the functionality of its crypto framework services.
In the past, Ripple had acquired Metaco, an international custody service that institutions have a preference for. Recently, Ripple has established custody partnerships with industry titans, including HSBC, BBVA, and Zodia Custody. It has expanded its operations to new regions, including Africa. Ripple supports active commercial custody providers in 20 certified regions through its Payments and Custody division, while payments have been processed in 70 countries worldwide.
Jack McDonald, the chief executive officer of Standard Custody, asserts that the organization provides financial institutions with the choice to safeguard their digital assets. Ripple’s leadership is maintained by its crypto exposure, integration with financial institutions, and robust products in the domains of payment and custody.