Ripple has reached an agreement to acquire Standard Custody & Trust Company, a regulated platform designed for enterprise-level digital asset management.
This acquisition highlights Ripple’s dedication to regulatory compliance while also enabling the company to broaden its scope beyond its primary payments network. By doing so, Ripple aims to venture into various blockchain-based financial products tailored for institutional clients.
As part of the deal, Ripple will benefit from Standard Custody’s limited purpose trust charter and its money transmitter licenses, adding to its expanding collection of regulatory licenses. Ripple and its subsidiaries currently possess a New York BitLicense, nearly 40 money transmitter licenses throughout the U.S., a Major Payment Institution License from the Monetary Authority of Singapore, and a Virtual Asset Service Provider registration with the Central Bank of Ireland.
Monica Long, president of Ripple, stated, “Ripple and Standard Custody are committed to empowering enterprises to harness the advantages of blockchain across a variety of financial applications. By enhancing our license portfolio and pursuing strategic acquisitions, Ripple is well-equipped to capitalize on current market opportunities and further bolster our crypto infrastructure solutions.”
This acquisition of Standard Custody follows Ripple’s $250 million purchase of custody provider Metaco last year. Recently, Ripple has forged custody partnerships with leading banks, including HSBC, BBVA, and Zodia Custody, while also expanding its Ripple Payments offering into new markets such as Africa.
The completion of the transaction is pending regulatory approval, and financial details have not been disclosed.