Ripple, the company behind the XRP cryptocurrency and payment network, has announced its acquisition of Standard Custody & Trust Company, a US-based digital asset custodian.
Ripple, the company behind the XRP cryptocurrency and payment network, has announced its acquisition of Standard Custody & Trust Company, a US-based digital asset custodian. This move strengthens Ripple's regulatory compliance efforts and opens doors for new customer services.
Standard Custody operates under a New York trust charter and holds money transmitter licenses, adding to Ripple's existing portfolio of regulatory approvals. President Monica Long emphasizes the strategic value of this acquisition, stating it "affords us the possibility to serve customers in new ways" related to tokenization, storage, and value exchange.
The acquisition further highlights Ripple's focus on regulatory acceptance. They already hold a BitLicense in New York and money transmitter licenses in various US states. This commitment to compliance stands in contrast to ongoing legal challenges related to XRP.
This acquisition follows Ripple's purchase of Metaco, a Swiss blockchain custody firm, in May 2023. These strategic moves demonstrate Ripple's ambition to become a comprehensive solution for enterprises navigating the digital asset space.
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