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Post: Ripple Acquires Standard Custody & Trust Company: Boosting Regulatory Licenses and Portfolio

Ripple Acquires Standard Custody & Trust Company: Boosting Regulatory Licenses and Portfolio

Key Points:

  • Ripple has acquired Standard Custody & Trust Company, a US digital asset custody provider.
  • Standard Custody already had ties to Ripple through its executives.
  • Standard Custody is a qualified custodian and holds a New York State Department of Financial Services charter.
  • The acquisition will contribute to Ripple’s regulatory licenses and growing portfolio.
  • Ripple operates a payment network and supports the XRP cryptocurrency.

Insight:

Ripple has purchased Standard Custody & Trust Company, a digital asset custody provider based in the US. This acquisition is notable because Standard Custody already had connections to Ripple through its executives. As a qualified custodian, Standard Custody holds a charter from the New York State Department of Financial Services (NYDFS). Ripple stated that the acquisition will add to its growing portfolio of regulatory licenses. Ripple’s existing licenses include a New York BitLicense and nearly 40 money transmitter licenses in various states across the US.

This move by Ripple demonstrates its commitment to expanding its regulatory compliance and custody services. The acquisition of Standard Custody, with its existing NYDFS charter, enhances Ripple’s ability to operate within the US market and comply with federal and state regulations. It also strengthens Ripple’s position as a leading provider of cryptocurrency custody services.

Hot Take:

Ripple’s acquisition of Standard Custody & Trust Company is a strategic move to strengthen its position in the US digital asset custody market. By acquiring a company with an established NYDFS charter, Ripple can further solidify its compliance framework and offer a wider range of regulatory services to its customers. This acquisition highlights Ripple’s focus on expanding its ecosystem and establishing partnerships with trusted industry players.

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