Payments company Ripple Labs is acquiring US-based digital asset custodian Standard Custody & Trust Company, a move that will expand its services in the crypto industry.
In a new announcement, Ripple says the acquisition, which is subject to regulatory approval, will allow the firm “to strengthen its existing product offerings, as well as explore new, complementary products.”
As stated by Ripple president Monica Long,
“As we integrate custody more deeply into Ripple’s products, we see clear synergies with Standard Custody to complement our payments and custody offerings – all in service of being a one-stop shop to move, convert and store value with blockchain and crypto.”
With the acquisition, Ripple gains Standard Custody’s limited purpose trust charter and money transmitter licenses, adding to others already in its possession.
According to the announcement, Ripple and its subsidiaries also hold a New York BitLicense, nearly 40 money transmitter licenses across the US, a Major Payment Institution License from the Monetary Authority of Singapore and a Virtual Asset Service Provider registration with the Central Bank of Ireland.
The financial details of the acquisition were not disclosed.
Last year, Ripple acquired Metaco, a Swiss-based custody provider of digital assets infrastructure, for $250 million in response to research suggesting that institutional investors plan to heavily incorporate crypto custody services into their business models within the next three years.
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