Ripple Enhances Regulatory Compliance and Expands Product Offerings with Acquisition of Standard Custody & Trust Co.
Ripple, the blockchain payment company, has recently acquired Standard Custody & Trust Co., a crypto trust company based in New York. This strategic move is aimed at strengthening Ripple’s regulatory compliance capabilities and expanding its range of products.
Commitment to Regulatory Compliance
The acquisition aligns with Ripple’s dedication to regulatory compliance. By acquiring Standard Custody, Ripple aims to enhance its existing offerings and explore new complementary products. This acquisition adds to Ripple’s growing portfolio of regulatory licenses, including a New York BitLicense, money transmitter licenses across the United States, an MPI license from MAS, and a VASP registration with the Central Bank of Ireland.
Focused on Enabling Enterprises
Ripple President Monica Long emphasizes the company’s commitment to enabling enterprises to leverage the benefits of blockchain technology in various financial use cases. The acquisition of Standard Custody is part of Ripple’s strategy to strengthen its infrastructure solutions and seize market opportunities.
Improved Product Offerings Anticipated
Standard Custody is not Ripple’s first custody solution acquisition; it follows the previous acquisition of Metaco. Ripple has also formed custody partnerships with major banks like HSBC, BBVA, and Zodia Custody. The company has expanded its Ripple Payments offering to new regions, including Africa. Standard Custody CEO Jack McDonald expresses confidence in the partnership and believes it will further solidify their leadership position in providing crypto infrastructure.
Optimism from CEO Brad Garlinghouse
Ripple CEO Brad Garlinghouse highlights the potential of this acquisition, stating that it will improve existing product offerings and enable the exploration of new products and use cases while ensuring compliance with regulations. Garlinghouse emphasizes Ripple’s extensive regulatory licenses, signaling the company’s commitment to operating within legal frameworks.
Market Update
As of the latest market update, XRP is valued at $0.5190, reflecting a 1% decline in the past 24 hours and a broader downtrend of over 10% in the past month.
Disclaimer: This article is for informational purposes only and should not be considered investment advice. Always conduct your own research before making any investment decisions.
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