Ripple, a prominent figure in the realm of digital assets, has unveiled its intentions to acquire Standard Custody and Trust Company, a digital asset platform based in New York. Pending regulatory approval, this acquisition represents a significant step for Ripple in bolstering its portfolio of regulatory licenses and expanding its offerings in the blockchain-based financial services sector.
By completing this acquisition, Ripple will become the sole shareholder of Standard Custody. The integration of Standard Custody’s limited purpose trust charter and money transmitter licenses into Ripple’s existing portfolio will enable the company to provide its clients with a comprehensive range of services.
Monica Long, President of Ripple, emphasized the importance of these licenses in delivering a complete end-to-end solution. Long stated, “In order to provide financial institutions with the technology component for various decentralized financial services using blockchain, a compliance aspect is also necessary.”
Ripple’s regulatory licenses portfolio already includes multiple sets of money transmission licenses in the United States and the MPI license in Singapore. The addition of trust licenses from Standard Custody further enhances Ripple’s regulatory position and strengthens its ability to meet the evolving needs of its clients worldwide.
Standard Custody, known for its expertise in digital asset custody, escrow, and settlement services for institutional clients, obtained approval for a New York trust license through a de novo application in May 2021. This acquisition will allow Ripple to leverage Standard Custody’s knowledge and infrastructure to enhance its service offerings, particularly in the institutional space.
With a growing team focused on custody in Europe and a diverse clientele spanning five continents, Ripple is well-positioned to solidify its position as a leading provider of blockchain-based financial solutions.
Standard Custody, a subsidiary of PolySign, a digital asset infrastructure firm, has established itself as a trusted player in the industry. Ripple’s acquisition aligns with their strategic vision of expanding their reach and enhancing their capabilities.
Notable public clients of Standard Custody include HSBC, DekaBank, VP Bank, and DZ Bank in Germany. They also maintain ongoing relationships with Société Générale, BBVA Switzerland, DBS, and Zodia Custody.
