Ripple Becomes Sole Owner of Standard Custody

Ripple is set to acquire Standard Custody and Trust Company, a firm based in New York known for its digital asset services. This move is aimed at expanding Ripple’s portfolio of regulatory licenses, a smart step for the company in enhancing its service offerings in the blockchain and digital asset space.

By purchasing Standard Custody, Ripple will become its sole owner, inheriting a set of vital regulatory licenses. These include a trust charter and money transmitter licenses, crucial for Ripple’s operations and expansion plans. Standard Custody has made a mark in the industry, especially after obtaining a New York trust license in May 2021, positioning itself as a leader in digital asset custody and settlement services.

Brad Garlinghouse, CEO of Ripple, announced the acquisition on X, highlighting the strategic importance of this move for Ripple.

Monica Long, Ripple’s President, further elaborated on the importance of this acquisition, stating, “being able to provide not just the technology component to financial institutions who want to use blockchain for all types of decentralized financial services, you also need a compliance piece. And so these licenses are really key to us being able to deliver that full end-to-end solution.”

Ripple’s strategy includes deepening its regulatory compliance capabilities to support its collaborations with major banks globally. The acquisition of Standard Custody is part of Ripple’s broader effort to strengthen its regulatory standing not just in the United States but also in key markets like Singapore, the UK, and Europe.