Standard Custody & Trust Company Now Part of Ripple Following Acquisition

Ripple has successfully finalized its acquisition of Standard Custody & Trust Company, a regulated digital asset custodian licensed by the New York Department of Financial Services. 

This strategic move expands Ripple’s array of licenses, which now encompasses nearly 40 U.S. money transmitter licenses, a Major Payment Institution License from Singapore, and a Virtual Asset Service Provider registration from Ireland. The company aims to introduce a USD-backed stablecoin on the XRP Ledger to improve liquidity and strengthen financial applications. 

This acquisition follows Ripple’s recent purchase of the Swiss crypto custody firm Metaco, showcasing its commitment to enhancing its offerings and expanding its presence in the digital asset space.

Clever Robot News Desk 14^th June 2024