World Crypto Global
- Written by: Tareq Sikder
- Tue, 13 Feb 2024
- Israel
Ripple made an announcement of its agreement to acquireStandard Custody & Trust Company, a regulated platform specializing indigital assets. By integrating Standard Custody's limited purpose trust charterand money transmitter licenses into its repertoire, Ripple aims to fortify itsportfolio of regulatory licenses.Ripple's Diverse License Holdings Strengthen Market PositionThe surge in institutional adoption of cryptocurrencies andblockchain technology can be attributed to the emergence of mature and highlysecure products in the market. Ripple, along with its subsidiaries, holds an array oflicenses, including a New York BitLicense, nearly 40 money transmitter licensesacross the US, a Major Payment Institution License from the Monetary Authorityof Singapore, and a Virtual Asset Service Provider registration with theCentral Bank of Ireland.Commenting on the acquisition, Jack McDonald, the CEO ofStandard Custody, highlighted the company's commitment to providing financialinstitutions with the confidence and platform to safeguard their digitalassets. McDonald expressed optimism about the collaboration with Ripple, citingthe latter's deep crypto expertise, financial institution relationships, androbust product offerings in both payments and custody solutions.Regulatory Approval Pending for Standard Custody AcquisitionThis acquisition follows Ripple's strategic move last yearto acquire Metaco, a custody solution favored by banks globally. Additionally,Ripple recently announced custody partnerships with banks such as HSBC, BBVA,and Zodia Custody, as well as expanded its Ripple Payments offering to newterritories like Africa.Today, were excited to announce that Ripple has signed a deal to acquire @StandardCustody, strengthening our product offerings and adding to our growing portfolio of regulatory licenses around the world. Learn more about our latest acquisition: https://t.co/JJp51mEabL Ripple (@Ripple) February 13, 2024The transaction's completion is contingent upon regulatoryapproval and standard closing conditions. Monica Long, Ripple's President, emphasized the company'sfocus on expanding product offerings and supporting innovativeinitiatives. Long stated: "We will continue to leverage our strongfinancial standing to expand our product offerings, support new initiatives onthe product roadmap and serve a broader segment of customers."This article was written by Tareq Sikder at www.financemagnates.com.
