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- By acquiring Standard Custody, Ripple expanded its license portfolio and product offerings to serve a broader market segment, President Monica Long says.
- Standard is the second custodian Ripple has acquired after Metaco; collectively, the company and its subsidiaries now hold over three dozen money transmitter licenses in the US.
Last month, Ripple announced that it had acquired Standard Custody & Trust Company, a regulated custodian offering enterprise-grade solutions. This week, the company broke down its vision of the acquisition and why it has continued to expand its subsidiaries.
As Crypto News Flash reported at the time, Ripple’s acquisition of Standard Custody brought its total money transmitter licenses in the US close to 40. It also holds Virtual Asset Service Provider registration with the Irish central bank and a Major Payment Institution License from the MAS, Singapore’s apex bank.
Speaking on the development this week, Ripple President Monica Long described it as a strategic effort to rack up licenses across the US and beyond. With regulators cracking down on blockchain firms more fervently in recent years, these licenses could be the factor that sets Ripple apart from its peers.
Long stated:
By expanding our licenses portfolio and making smart acquisitions…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.
While based in California, Ripple has operations and partnerships globally, from Asia and Africa to Europe and Latin America. However, as Long told one outlet recently, the company still wants to expand its operations in its native country.
With Standard Custody holding a limited-purpose trust charter in New York, the blockchain company can now offer financial services that target institutions, including expanding its tokenization efforts. Crypto News Flash has been following Ripple’s tokenization milestones, including efforts with Metaco and HSBC.
“We want to offer more and more of these infrastructure pieces to these financial institutions. We see this as giving us a lot of flexibility,” Long told one news outlet.
Ripple Targets Global Domination
In its post this week, Ripple underscored the importance of the Standard Custody deal. With the custodian being licensed and regulated, the acquisition is the latest proof of Ripple’s commitment to compliance, it said.
Additionally, it “strengthens Ripple’s product offerings in response to growing customer demand.” With Standard Custody’s solutions, the California company can now more easily build institutional products that allow clients to tokenize assets, store them on-chain, move them seamlessly and exchange value instantly.
The company added:
As one of the few crypto companies that holds a TrustLicense, the Standard Custody acquisition is part of an ongoing pursuit to obtain licenses in other countries and regions, including Singapore, the UK and Europe.
