Ripple expands U.S. presence with acquisition of Standard Custody & Trust Co.

• Ripple acquires Standard Custody & Trust Co. to strengthen its US presence and compliance.
• This acquisition allows Ripple to expand its service offerings, including asset tokenization and custody solutions.
• This move comes amid reports that Ripple and the U.S. SEC have reached an agreement.

Ripple announced the acquisition of Standard Custody & Trust Co., a wholly-owned subsidiary of PolySign, marking its second recent acquisition of a custody business.

With a focus on compliance and expanding service offerings, Ripple’s acquisition aims to pave the way for broader financial capabilities in the country.

Ripple enters the US market

Ripple, known for its innovative blockchain-based payment solutions, is strategically positioning itself to further penetrate the U.S. financial sector.

Despite the ongoing legal dispute, Ripple is committed to improving its regulatory qualifications and operating capabilities in the country. Ripple aims to create new opportunities for growth and diversification in the US market by acquiring Standard Custody & Trust Co., a New York trust charter company.

Ripple CEO Brad Garlinghouse reiterated the importance of the acquisition in a tweet. He said:

“Standard Custody allows us to not only improve our existing product offerings for our customers, but also explore new products and use cases, all in a fully compliant manner. To date, Ripple has secured approximately 40 US remittance licenses, an MPI license from MAS, and a VASP registration with the Central Bank of Ireland (and counting!).”

Strengthen compliance and service delivery

Standard Custody & Trust Co. The acquisition reflects Ripple’s proactive approach to addressing regulatory challenges and leveraging the potential of the U.S. financial environment.

By obtaining the New York Trust Charter through this acquisition, Ripple will gain the ability to conduct broader business activities within the United States. This includes providing in-house services to financial institutions interested in leveraging blockchain technology for asset tokenization and custody solutions.

With this strategic move, Ripple aims to position itself as a key player in the evolving financial ecosystem by providing customers with increased flexibility and comprehensive services.