Thomas Daniels
Ripple is set to acquire Standard Custody and Trust Company, a firm based in New York renowned for its expertise in digital asset services, aiming to enhance its portfolio of regulatory licenses. This strategic acquisition positions Ripple as the exclusive proprietor of Standard Custody, significantly bolstering its assortment of regulatory accreditations, including essential trust charter and money transmitter licenses.
The acquisition of Standard Custody’s licenses marks a pivotal step towards Ripple’s ambition to offer a holistic suite of services. Established as a leader in digital asset custody and settlement, Standard Custody was one of the pioneers to be granted a New York trust license in May 2021. Ripple President Monica Long highlighted the importance of combining technological innovation with compliance standards in financial services, stating, “To provide not only the technological backbone for financial institutions looking to leverage blockchain for decentralized financial services but also the necessary compliance framework, these licenses are crucial for us to deliver a comprehensive, end-to-end solution.”
Ripple’s collaboration with leading banks across the globe underscores its commitment to solidifying its regulatory framework. By acquiring additional licenses in strategic markets such as the US, Singapore, the UK, and Europe, Ripple aims to fortify its position and expand its capabilities in the financial technology sector.
