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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.<\/p>\n
In a new announcement, Ripple says<\/a> the acquisition, which is subject to regulatory approval, will allow the firm \u201cto strengthen its existing product offerings, as well as explore new, complementary products.\u201d<\/p>\n As stated<\/a> by Ripple president Monica Long,<\/p>\n \u201cAs we integrate custody more deeply into Ripple\u2019s products, we see clear synergies with Standard Custody to complement our payments and custody offerings \u2013 all in service of being a one-stop shop to move, convert and store value with blockchain and crypto.\u201d <\/em><\/p>\n With the acquisition, Ripple gains Standard Custody\u2019s limited purpose trust charter and money transmitter licenses, adding to others already in its possession.<\/p>\n 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.<\/p>\n The financial details of the acquisition were not disclosed.<\/p>\n Last year, Ripple acquired<\/a> 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.<\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>
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