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Home»ADOPTION NEWS»Ripple expands digital asset storage with acquisition of Standard Custody and Trust Company
ADOPTION NEWS

Ripple expands digital asset storage with acquisition of Standard Custody and Trust Company

By Crypto FlexsFebruary 14, 20243 Mins Read
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Ripple expands digital asset storage with acquisition of Standard Custody and Trust Company
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Ripple acquires Standard Custody & Trust Company, strengthening its presence in the institutional digital asset custody market and strengthening its regulatory portfolio and service offerings.

Ripple’s recent acquisition of Standard Custody & Trust Company significantly expands its services in the area of ​​digital asset management and custody. The move is a strategic component of Ripple’s broader vision to solidify its position in the fast-growing institutional cryptocurrency custody market, which is expected to reach as much as $10 trillion by 2030. By acquiring Standard Custody & Trust Company, Ripple will not only strengthen its regulatory framework but also leverage the acquired company’s New York State Department of Financial Services charter and qualified custodian status to provide advanced custody and escrow services. Diversify our service offerings to include:

This acquisition is part of Ripple’s ongoing efforts to improve regulatory compliance and operational capabilities in the face of the complex and evolving digital asset landscape. With the addition of Standard Custody’s limited purpose trust charter and funds transfer license to its portfolio, Ripple is ready to provide customers with more secure and compliant ways to engage with digital assets, from tokenization and storage to value exchange. became. This strategic move highlights Ripple’s commitment to regulatory acceptance and complements its existing BitLicense and remittance licenses across multiple US states.

Ripple President Monica Long highlighted the strategic value of the acquisition, emphasizing its potential to enable new customer services related to tokenization, storage, and exchange of value in a secure and compliant manner. This clearly signals Ripple’s ambition to not only explore but shape the future of digital asset management and custody while meeting the nuanced needs of institutional clients and investors in the digital economy.

Previously, in May 2023, Ripple acquired Swiss blockchain custody company Metaco, marking the beginning of its foray into the institutional digital asset storage space. This acquisition and its latest acquisition demonstrate Ripple’s commitment to becoming a comprehensive solutions provider for businesses exploring the digital asset space. This acquisition reflects Ripple’s strategic business and product advancements to address the growing demand for secure, compliant, and diverse digital asset management solutions among institutional customers.

These acquisitions highlight Ripple’s proactive approach to expanding its product line and regulatory portfolio. By integrating the capabilities and licenses of Standard Custody & Trust Company and Metaco, Ripple is significantly enhancing its ability to serve a broad range of customers with diverse needs in the digital asset ecosystem. This strategic expansion not only solidifies Ripple’s position as a leader in digital assets, but also strengthens its efforts to foster a secure, compliant, and efficient global digital economy.

Image source: Shutterstock

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