Ripple Expands Regulatory Footprint with Standard Custody Acquisition

Bits Logics Team . 15th Feb 2024

• Ripple has announced its acquisition plans for Standard Custody & Trust Company.
• Through the acquisition, Ripple aims to leverage its limited purpose trust charter and money transmitter licenses.
• Ripple has also forged custody partnerships with esteemed financial institutions such as HSBC, BBVA, and Zodia Custody.

Ripple, a prominent player in blockchain and cryptocurrency solutions, has revealed its acquisition plans for Standard Custody & Trust Company, an enterprise-grade regulated platform catering to digital assets. 

Through the acquisition of Standard Custody, Ripple aims to leverage its limited purpose trust charter and money transmitter licenses, thereby bolstering its array of regulatory licenses. Ripple, along with its subsidiaries, already holds several licenses, including a New York BitLicense, numerous money transmitter licenses across the United States, 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, President of Ripple, emphasized the commitment to empowering enterprises to harness the potential of blockchain across various financial applications. Long highlighted the strategic importance of expanding Ripple’s license portfolio through acquisitions, positioning the company advantageously to capitalize on current market opportunities and reinforce its crypto infrastructure solutions.

The acquisition of Standard Custody follows Ripple’s previous acquisition of Metaco, a preferred custody solution among banks globally. Ripple has also forged custody partnerships with esteemed financial institutions such as HSBC, BBVA, and Zodia Custody, while expanding its Ripple Payments offering to new territories, including Africa.

Jack McDonald, CEO of Standard Custody, expressed confidence in the partnership, citing Ripple’s crypto expertise, financial institution relationships, and robust product offerings across payments and custody. Together, the entities aim to drive innovation and maintain leadership in providing crypto infrastructure.

The transaction’s closure is contingent upon regulatory approval and standard closing conditions, with TD Cowen serving as the exclusive financial advisor to PolySign.