- Ripple acquires Standard Custody & Trust to enhance regulatory compliance and expand product offerings.
- Partnership aims to innovate crypto infrastructure and extend market leadership.
In a significant move that underscores its commitment to regulatory compliance and its ambition to strengthen and expand its product offerings, Ripple, a leader in enterprise blockchain and crypto solutions, announced its agreement to acquire Standard Custody & Trust Company, an enterprise-grade regulated platform for digital assets.
Today, we’re excited to announce that Ripple has signed a deal to acquire @StandardCustody, strengthening our product offerings and adding to our growing portfolio of regulatory licenses around the world. Learn more about our latest acquisition: https://t.co/JJp51mEabL
— Ripple (@Ripple) February 13, 2024
Ripple’s Acquisition Announcement
This strategic acquisition marks a pivotal step for Ripple as it navigates the rapidly evolving digital asset landscape, aiming to offer more mature, secure, and fully regulated products to its clients.
The acquisition of Standard Custody & Trust Company is a direct response to the growing institutional adoption of cryptocurrency and blockchain technology. The financial industry has witnessed a surge in demand for secure, regulated, and compliant digital asset solutions.
By integrating Standard Custody’s limited purpose trust charter and its money transmitter licenses into its portfolio, Ripple significantly bolsters its regulatory credentials.
This addition complements Ripple’s already impressive collection of licenses, including a New York BitLicense, nearly 40 money transmitter licenses across the United States, a Major Payment Institution License from the Monetary Authority of Singapore, and a Virtual Asset Service Provider registration with the Central Bank of Ireland. For a deeper dive into these advancements, a detailed explanation is available in this Youtube video, which can be watched here.
Strategic Implications
Monica Long, President of Ripple, emphasized the strategic nature of this acquisition, she stating:
“By expanding our licenses portfolio and making smart acquisitions, Ripple is well-positioned to take advantage of the current market opportunities and further strengthen our crypto infrastructure solutions.”
Long highlighted the company’s continuous effort to leverage its strong financial standing in order to expand its product offerings, support new initiatives on the product roadmap, and cater to a broader segment of customers.
Ripple’s global presence and momentum in serving enterprises across the world remain unmatched. The acquisition of Standard Custody & Trust Company follows the successful acquisition of Metaco, a custody solution preferred by banks globally.
Additionally, Ripple has recently announced custody partnerships with leading banks such as HSBC, BBVA, and Zodia Custody, marking its expansion into new territories with its Ripple Payments offering, including Africa.
By focusing on its core businesses in Payments and Custody, Ripple supports live commercial custody offerings in 20 regulatory jurisdictions and facilitates payments into 70 countries around the world.
Jack McDonald, CEO of Standard Custody, expressed enthusiasm about the acquisition, he stating,
“Standard Custody provides financial institutions with the confidence and platform to safeguard their digital assets. Together with Ripple, we will further innovate and extend our leadership position in providing crypto infrastructure.”
This partnership is poised to bring together Ripple’s deep crypto expertise, strong relationships with financial institutions, and robust product offerings in both payments and custody to innovate and lead the industry.