Ripple Acquires US-Based Digital Asset Platform Standard Custody & Trust Company to Strengthen Product Offerings

Payments company Ripple Labs has acquired US-based digital asset management company Standard Custody and Trust Company, a move that will expand its services in the cryptocurrency industry.

In a new announcement from Ripple, To tell The acquisition, which is subject to regulatory approval, will allow the company to “strengthen its existing product offering as well as explore new complementary products.”

as said According to Ripple President Monica Long,

“As we integrate Custody more deeply into Ripple’s products, we see clear synergies with Standard Custody to serve as a one-stop shop for moving, transforming, and storing value using blockchain and cryptocurrencies.” We see the impact complementing our payments and custody offerings.”

With this acquisition, Ripple will acquire Standard Custody’s Limited Purpose Trust Charter and Money Transfer Agent license, in addition to other licenses it already owns.

According to the announcement, Ripple and its subsidiaries also hold a BitLicense in New York, approximately 40 money transmitter licenses across the United States, a major payment institution license from the Monetary Authority of Singapore, and virtual asset service provider registration with the Central Bank of Ireland. .

Financial details of the acquisition were not disclosed.

Last year, Ripple, a Swiss-based digital asset infrastructure custody provider, responded to research suggesting that institutional investors plan to significantly incorporate crypto custody services into their business models within the next three years. acquired Metaco for $250 million.

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