Ripple Acquiring Standard Custody & Trust as it Expands Product Offerings
Ripple is in the process of acquiring Standard Custody & Trust as part of an ongoing effort to expand its product offerings in the U.S. market despite facing legal challenges from the Securities and Exchange Commission (SEC). The terms of the deal have not been disclosed as it is pending approval from the New York Department of Financial Services.
Ripple Adds More Services For Institutional Clients
By acquiring Standard Custody & Trust, Ripple seeks to offer crypto custody and settlement services to customers, allowing them to maintain custody of their assets with Ripple instead of other competitors. This acquisition also positions Ripple to offer tokenization services to financial institutions, expanding its suite of products beyond being solely a payment network and enabling institutional clients to benefit from blockchain technology.
Regulatory Uncertainty The Primary Concern For Ripple
Ripple’s decision to pursue expansion in the U.S. market is influenced by the regulatory uncertainty surrounding digital assets, more so than its ongoing legal dispute with the SEC. While hesitant about the regulatory environment, Ripple views the U.S. as a major market and believes in its potential to drive innovation in the industry.
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