- Ripple expands U.S. presence, acquiring Standard Custody for crypto services.
- The acquisition enables Ripple to enhance products, and explore new use cases.
In a strategic move aimed at bolstering its presence in the evolving digital asset landscape, Ripple has announced its agreement to acquire Standard Custody & Trust Company, a respected platform renowned for its enterprise-grade services in digital assets.
Despite its ongoing legal tussle with the U.S. Securities and Exchange Commission (SEC) and its predominantly overseas focus, Ripple’s latest venture reflects a concerted effort to expand its foothold in the United States. By leveraging the limited-purpose trust charter held by Standard Custody & Trust in New York, Ripple said it aims to enhance its suite of in-house services, catering particularly to financial institutions seeking to capitalize on blockchain technology for asset tokenization.
The acquisition, subject to approval from the New York Department of Financial Services, is poised to equip Ripple with a robust crypto custody and settlement infrastructure. This integration would afford Ripple’s clientele the convenience of maintaining custody directly with the company, streamlining operational workflows, and mitigating reliance on external partners.
Strategic Objectives?
Addressing the regulatory landscape, Ripple’s spokesperson emphasized the company’s long-term vision, emphasizing that while regulatory uncertainty remains a concern, there’s ample opportunity for the United States to emerge as a global leader in fostering blockchain innovation.
With @StandardCustody, we’ll be able to improve existing product offerings for our customers, as well as explore new products and use cases, all in a fully compliant way.
— Brad Garlinghouse (@bgarlinghouse) February 13, 2024
To date, @Ripple has secured: ✅ nearly 40 U.S. money transmitter licenses, ✅ MPI license from MAS, and ✅… https://t.co/0BrAWjBmhM
In a tweet, Ripple CEO underscored the significance of the acquisition, stating, “With StandardCustody, we’ll be able to improve existing product offerings for our customers, as well as explore new products and use cases, all in a fully compliant way.
Moreover with Brad Garlinghouse highlighting the potential for product enhancements and innovative use cases stemming from the acquisition, Standard Custody & Trust expressed optimism about the impending partnership, emphasizing a shared commitment to delivering enterprise-grade solutions.
