Ripple Acquires Standard Custody to Bolster Regulatory Licenses Portfolio
Ripple has announced its acquisition of New York-based digital asset platform Standard Custody and Trust Company. Once the deal closes, Ripple will become the sole shareholder, pending regulatory approval. The acquisition will allow Ripple to utilize Standard Custody’s trust charter and money transmitter licenses, expanding its regulatory licenses portfolio.
In an interview with The Block, Ripple President Monica Long highlighted the importance of these licenses in providing a comprehensive solution to financial institutions seeking decentralized financial services. She emphasized that compliance is a crucial component alongside technology.
Standard Custody offers custody, escrow, and settlement services for institutional clients. It obtained a New York trust license in May 2021.
Ripple’s Expansion and Standard Custody
Ripple has been expanding its European custody team and serving clients across five continents. Its public clients include HSBC, DekaBank, VP Bank, DZ Bank in Germany, as well as Société Générale, BBVA Switzerland, DBS, and Zodia Custody.
Standard Custody is a subsidiary of PolySign, a digital asset infrastructure firm that raised $53 million in Series C funding in June 2022.
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