Ripple plans to buy Standard Custody and Trust Company, a New York-based firm specializing in digital asset services, to boost its regulatory licenses.
The purchase will make Ripple the sole owner of Standard Custody and enhance its regulatory licenses, including crucial trust charter and money transmitter licenses.
Standard Custody’s licenses are key to achieving this goal, enabling Ripple to provide a comprehensive service package. Standard Custody, known for its digital asset custody and settlement services, was among the first to secure a New York trust license in May 2021.
“[Ripple] being able to provide not just the technology component to financial institutions who want to use blockchain for all types of decentralized financial services, you also need a compliance piece,” Ripple President Monica Long said in a statement. “And so these licenses are really key to us being able to deliver that full end-to-end solution.”
Ripple already collaborates with major banks worldwide and aims to strengthen its regulatory standing by acquiring more licenses in the US, Singapore, the UK, and Europe.