Ripple acquired Standard Custody and Trust Co.

Ripple acquired Standard Custody and Trust Co. to get noticed in the U.S.

Ripple has recently confirmed its acquisition of Standard Custody & Trust Co., a subsidiary of PolySign, marking its second strategic move to acquire a custody business in recent times. This strategic maneuver underscores Ripple's steadfast commitment to regulatory compliance and the expansion of its service portfolio, particularly within the dynamic landscape of the United States financial sector. Renowned for its innovative blockchain-powered payment solutions, Ripple is strategically positioning itself to deepen its footprint and influence in the US financial domain. Despite encountering legal challenges, Ripple remains resolute in its dedication to enhancing its regulatory credentials and operational capabilities within the country. Through the acquisition of Standard Custody & Trust Co., a company possessing a New York trust charter, Ripple aims to unlock fresh avenues for growth and diversification in the highly competitive US market.

Brad Garlinghouse, Ripple’s CEO, has recently emphasized the profound significance of this acquisition in a tweet, stating that with the inclusion of Standard Custody, Ripple is poised to not only enhance existing product offerings for its esteemed clientele but also explore novel products and use cases, all while ensuring full compliance with regulatory standards. Garlinghouse continues to say that to date, Ripple has successfully obtained nearly 40 U.S. money transmitter licenses, an MPI license from MAS, and VASP registration with the Central Bank of Ireland, with ongoing efforts to secure further regulatory approvals.