Ripple, the company known for its lightning-fast payment network and support for XRP, which is on a bit of a rollercoaster ride at the moment, has just announced the acquisition of Standard Custody & Trust Company. Ripple therefore adds a new string to its already well-stocked bow, this operation being the second acquisition of digital asset custody services, after having acquired the Swiss depository Metaco last June.
Ripple’s acquisition of Standard Custody & Trust
Standard Custody and Trust Company has something that Ripple doesn’t yet have: a “BitLicense” license in New Yorkas well as almost 40 licenses money transmitter across the United States.
The BitLicense aims to regulate and monitor activities related to cryptocurrencies. If a company wants to sell or manage assets in the country, it must go through obtaining this license in order to be legally covered.
However, the process to obtain a BitLicense is complex, time-consuming and expensive. This acquisition is therefore a valuable asset that completes Ripple’s regulatory arsenal.
With this acquisition, Ripple will now be able to expand its services in the United States directly, without legal complications for obtaining the license.
And that’s not all, Ripple by purchasing Standard Custody & Trust Company, a subsidiary of PolySign, founded by Arthur Britto, co-founder of Ripple, demonstrates Ripple’s desire to expand its influence and operational effectiveness in the ecosystem.
Monica Long, the president of Ripple, said on X:
“As we integrate custody deeper into Ripple products, we see clear synergies with @StandardCustody to complement our payment and custody offerings – all with the goal of being a one-stop shop for moving, converting and storing value with blockchain and crypto. »
As we integrate custody more deeply into Ripple’s products, we see clear synergies with @StandardCustody to complement our payments and custody offerings – all in service of being a one-stop shop to move, convert and store value with blockchain and crypto. https://t.co/N0q2VgVm2T
— Monica Long (@MonicaLongSF) February 13, 2024
Ripple’s new strategy?
This acquisition, the details of which are still secret, comes in a “dynamic” context for Ripple. Despite regulatory challenges it facessuch as the case against the SEC concerning XRP which has come back into fashion, Ripple seems determined to progress on the regulatory front: the company recently obtained a license to sell assets in Singapore and Ireland.
The acquisition of Standard Custody & Trust, still awaiting regulatory approval, is part of Ripple’s ongoing quest to expand its empire in the digital world.
Sources: CoinTelegraph, X
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