The industry leader in commercial blockchain and cryptocurrency services, Ripple, is scheduled to purchase Standard Custody & Trust Company, a recognised platform for digital assets. This demonstrates Ripple’s dedication to regulatory compliance and allows the company to grow both its current product line and its prospect pipeline.
Through this acquisition, Ripple will add the limited purpose trust charter and money transfer certification from Standard Custody to its expanding list of accreditations.
Ripple and its subsidiaries own a Monetary Authority of Singapore Major Payment Institution Licence, a New York BitLicense, and about forty money transmitter certificates. The Central Bank of Ireland’s certification of one as a Virtual Asset Service Provider is an extra accreditation.
Both Ripple and Standard Custody are committed to creating state-of-the-art methods for tokenizing, storing, transferring, and exchanging assets in addition to helping businesses take advantage of the advantages that blockchain technology offers in a range of financial applications. According to Ripple president Monica Long, the company is now enhancing the features of its crypto foundation services.
Institutions favour the worldwide custody service Metaco, which Ripple previously purchased. Ripple has recently partnered with major players in the custody space, including as BBVA, Zodia Custody, and HSBC. It has extended its reach into new continents, such as Africa. Through its Payments and Custody branch, Ripple enables active commercial custody providers in 20 authorised areas, processing payments in 70 countries globally.
According to Standard Custody’s CEO, Jack McDonald, the company gives financial institutions options for protecting their digital assets. Ripple’s exposure to cryptocurrency, integration with banks, and strong payment and custody products all contribute to the company’s continued leadership.