Ripple made an announcement of its agreement to acquire
Standard Custody & Trust Company, a regulated platform specializing in
digital assets. By integrating Standard Custody’s limited purpose trust charter
and money transmitter licenses into its repertoire, Ripple aims to fortify its
portfolio of regulatory licenses.
The surge in institutional adoption of cryptocurrencies and
blockchain technology can be attributed to the emergence of mature and highly
secure products in the market.
Ripple, along with its subsidiaries, holds an array of
licenses, including 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.
Monica Long, Ripple President, Source: LinkedIn
Commenting on the acquisition, Jack McDonald, the CEO of
Standard Custody, highlighted the company’s commitment to providing financial
institutions with the confidence and platform to safeguard their digital
assets. McDonald expressed optimism about the collaboration with Ripple, citing
the latter’s deep crypto expertise, financial institution relationships, and
robust product offerings in both payments and custody solutions.
Regulatory Approval Pending for Standard Custody Acquisition
This acquisition follows Ripple’s strategic move last year
to acquire Metaco, a custody solution favored by banks globally. Additionally,
Ripple recently announced custody partnerships with banks such as HSBC, BBVA,
and Zodia Custody, as well as expanded its Ripple Payments offering to new
territories like Africa.
The transaction’s completion is contingent upon regulatory
approval and standard closing conditions. TD Cowen acted as the exclusive
financial advisor to PolySign in the acquisition process.
Monica Long, Ripple President, emphasized the company’s
dedication to expanding product offerings and supporting innovative
initiatives. Long stated: “We will continue to leverage our strong
financial standing to expand our product offerings, support new initiatives on
the product roadmap and serve a broader segment of customers.”
Ripple made an announcement of its agreement to acquire
Standard Custody & Trust Company, a regulated platform specializing in
digital assets. By integrating Standard…
