Ripple Buys Standard Custody & Trust
Ripple has announced its acquisition of Standard Custody & Trust Company, a US-based digital asset custody provider. This move was not surprising as the company’s executives already had ties to Ripple.
Standard Custody & Trust Company is known for providing custodial and escrow services, authorized by the New York State Department of Financial Services, and is a qualified custodian under federal legislation.
In a statement, Ripple stated:
“Standard Custody’s limited purpose trust charter and its money transmitter licenses will contribute to Ripple’s growing portfolio of regulatory licenses.”
As an operator of a payment network and supporter of the XRP cryptocurrency, Ripple holds a New York BitLicense and nearly 40 money transmitter licenses in various American states.
According to Ripple president Monica Long, the company’s acquisition of Standard Custody and its licensing portfolio will open up new opportunities for their customers, in line with their goal of being a one-stop shop for enterprises looking to tokenize, store, move, and exchange value.
