Ripple Acquires Another Custody Firm: Details

Ripple, a blockchain payments firm based in the United States, has acquired its second custody firm after Metaco. With the acquisition of Standard Custody & Trust Company, an American digital asset custody provider, the blockchain firm seeks to expand its custody services and “strengthen its existing product offerings, as well as explore new, complementary products.”

As reported earlier by TheCoinRise, the blockchain firm is on a path to expand ‘Ripple Payments’ services in the United States and aims to transform cross-border transactions within the country along with revolutionizing the way transactions are conducted across borders domestically.

Ripple Acquires Standard Custody & Trust Company

Ripple acquired Standard Custody & Trust Company and already had connections with the custody firm through its executives, according to a statement from the blockchain payments firm.

Standard Custody & Trust Company, operating under a charter granted by the New York State Department of Financial Services, provides custody and escrow services. Recognized as a qualified custodian in alignment with federal legislation, the company plays a pivotal role in the secure management of digital assets.

“Standard Custody’s limited-purpose trust charter and its money transmitter licenses will contribute to Ripple’s growing portfolio of regulatory licenses,” said the firm.

Ripple Aims to Create a Global Momentum

Ripple highlighted its achievements and acquisitions, noting that Standard Custody’s licenses will also benefit the blockchain firm. 

“Ripple and its subsidiaries collectively hold a New York BitLicense, nearly 40 money transmitter licenses across the U.S., a Major Payment Institution License from the Monetary Authority of Singapore, and a Virtual Asset Service Provider registration with the Central Bank of Ireland,” noted the statement. 

The announcement also stated that the firm’s global momentum remains “unmatched.” It is crucial to note that Ripple Labs took center stage at the World Economic Forum (WEF) in Davos, showcasing its commitment to fostering innovation and driving conversations about the future of finance.

Serving US Customers in New Ways

Monica Long, Ripple President, stated that the acquisition of a second custody firm will allow Ripple to serve US customers in new ways as it continues to leverage its “strong financial standing to expand our product offerings, support new initiatives on the product roadmap, and serve a broader segment of customers.”

“By expanding our licenses portfolio and making smart acquisitions, Ripple is well-positioned to take advantage of the current market opportunities and further strengthen our crypto infrastructure solutions,” said Long.

Metaco CEO Quits

The chief executive of digital asset custody firm Metaco, Adrien Treccani, stepped down after eight years of service with the company he founded. Interestingly, Metaco was acquired by Ripple for $250 million in May 2023.