Ripple to Acquire Standard Custody to Boost Regulatory Licenses
Ripple, a leading blockchain company, has announced its plans to purchase Standard Custody and Trust Company, a New York-based firm specializing in digital asset services. This strategic acquisition aims to strengthen Ripple’s regulatory licenses and make it the sole owner of Standard Custody.
Enhancing Regulatory Standing
By acquiring Standard Custody, Ripple will gain crucial trust charter and money transmitter licenses, which are essential for its regulatory standing. These licenses will enable Ripple to provide a comprehensive service package, including digital asset custody and settlement services.
Improving Compliance Solutions
Ripple President Monica Long emphasized the importance of compliance in delivering blockchain solutions to financial institutions. The acquisition of Standard Custody will allow Ripple to offer a full end-to-end solution by combining its technology with regulatory licenses.
Expanding Global Reach
In addition to its existing collaborations with major banks worldwide, Ripple aims to expand its regulatory presence by acquiring more licenses in the US, Singapore, the UK, and Europe. This expansion will further solidify Ripple’s position as a trusted provider of blockchain solutions in the global financial industry.
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