Ripple acquires Standard Custody & Trust Company to strengthen regulatory licences
San Francisco-headquartered crypto and blockchain solutions vendor Ripple is set to acquire the digital assets platform Standard Custody & Trust Company to broaden its array of regulatory licences.
Ripple to acquire Standard Company and licence
The move – the financial details of which have not been disclosed – will enable Ripple to tap Standard Custody’s limited purpose trust charter and money transmitter licenses. It follows the fintech’s recent $250 million takeover of Metaco last May.
This activity has simulated growth across the approximately 40 money transmitter licenses Ripple holds in the US, as well as its Virtual Asset Service Provider (VASP) registration with the Central Bank of Ireland, its New York BitLicense, and the Major Payment Institution licence it received from the Monetary Authority of Singapore (MAS).
Commenting on the deal, Ripple’s president, Monica Long, states that by expanding the firm’s “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”.
She adds that the two fintechs are to focus on empowering businesses to “reap the benefits” of blockchain, by building “institutional-grade solutions to tokenize, store, move, and exchange value”.
Currently, New York-based Standard Custody’s blockchain technology offers financial institutions encryption and distributed trust protocols to secure secret keys.
“Together with Ripple, we will further innovate and extend our leadership position in providing crypto infrastructure,” says Standard Custody CEO, Jack McDonald.
The news of the acquisition comes after it was reported last year that Ripple was tapped for its CBDC solutions by the National Bank of Georgia and the Republic of Palau.
