Ripple Bolsters Regulatory Portfolio with Standard Custody Acquisition
Ripple, a leading player in enterprise blockchain and cryptocurrency solutions, has announced its acquisition of Standard Custody & Trust Company, a regulated platform for digital assets. This strategic move underscores Ripple’s commitment to regulatory compliance and its endeavor to expand its product offerings to cater to a broader segment of customers.
Standard Custody’s limited purpose trust charter and money transmitter licenses will significantly contribute to Ripple’s growing portfolio of regulatory licenses. With nearly 40 money transmitter licenses across the U.S., a New York BitLicense, and various other regulatory approvals worldwide, Ripple continues to strengthen its position as a trusted provider of blockchain solutions for enterprises.
Monica Long, President of Ripple, emphasized the company’s dedication to enabling enterprises to leverage blockchain technology across a spectrum of financial use cases. This acquisition aligns with Ripple’s goal of becoming a one-stop shop for enterprises seeking to tokenize, store, move, and exchange value securely and efficiently.
The acquisition of Standard Custody follows Ripple’s previous acquisition of Metaco, a custody solution favored by banks globally. By doubling down on its core businesses in Payments and Custody, Ripple supports live commercial custody offerings in 20 regulatory jurisdictions and facilitates payments into 70 countries worldwide.
The transaction is still subject to regulatory approval, highlighting Ripple’s commitment to compliance and adherence to regulatory requirements. Despite its global momentum, Ripple is also focusing on strengthening its presence in the U.S. market, where it aims to expand its payments business. This expansion includes leveraging its money transmitter licenses to offer innovative products and services tailored to the needs of businesses operating in the U.S.
Ripple’s recent update to its cross-border payments solution, now known as Ripple Payments, marks a significant milestone in its expansion strategy. This solution, powered by blockchain technology, provides businesses with access to Ripple’s global network of over 70 cryptocurrency and traditional payout markets. With close to 100% global payout coverage through a single onboarding process, Ripple aims to serve a diverse customer base, including small- to medium-sized businesses.
The acquisition of Standard Custody not only enhances Ripple’s regulatory capabilities but also reinforces its commitment to innovation and customer-centric solutions. As the cryptocurrency industry continues to evolve, Ripple remains at the forefront, driving institutional adoption and paving the way for a more inclusive and efficient financial ecosystem.
