In a public statement, the team behind Ripple declared the most recent buy, which expands upon a progression of consistent accomplishments for the company. As per a post on X, they underlined that this would assist with reinforcing its product offerings.
Standard Custody and Trust Company offers controlled services to its customers verging on custody and escrow infrastructure with regulatory endorsement from the New York State Department of Financial Services (DFS).
As a controlled entity, the acquisition of Standard Custody is right now waiting for approval from the DFS. While waiting for the pending approval, the firm has neglected to reveal elaborate terms of the arrangement.
Nonetheless, a representative from Ripple discovered that the firm would become Standard Custody’s Shareholder if the approval is successful. Ripple stands to benefit more from the company’s solid regulatory compliance, lining up with its continuous system to extend its portfolio of licenses.
Read Also: Few Steps To Project XRP, Analyst Says
Ripple’s Regulatory License
Ripple affirmed this in a statement made available to the public, underscoring that the acquisition of Standard Custody was part of the way set off by the company longing to widen its worldwide licensing portfolio. As a component of this supported mission, Ripple got a Virtual Asset Service Provider (VASP) permit in Ireland last December.
Moreover, the organization’s Singaporean team obtained a full Major payment Institution (MPI) permit from Singapore’s Apex Bank in October 2023. The firm presently holds nearly 40 licenses as a money transmitter in numerous states in the U.S., with the greater part of these licenses obtained the previous year.
The earlier year was overwhelmed by infrastructure, and regulatory extension moves from Ripple in spite of the court tussle with the U.S. SEC and the predominant market vulnerabilities. The firm made a comparative acquisition last September when it bought Fortress Blockchain Technologies, basically getting its License.
The president of Ripple Monica Long, talked about the recent procurement, underlining that the development could assist the firm with fortifying its infrastructure products in the crypto scene in the midst of consistent market-dominated diverse factors. Long reaffirmed Ripple’s commitment to stretch out its service to a more extensive range of users.
Ripple’s Smart Acquisition
The President asserts that the move is a smart acquisition, and there is no place for contention. Strikingly, other than the licensing benefit of the procurement, the move likewise assists Ripple with cementing its balance in the custody scene, an industry it is gradually hoping to dominate.
The move, which would assist Ripple with including custody provision to its infrastructure products, could give a superior road to Ripple’s clients to leverage custody solutions from the firm and not from an outside entity.
Read Also: A Warning To XRP Executives On Price Decline
The Standard Custody acquisition comes nine months after Ripple made a deal to secure leading institutional custody solution provider Metaco. From that point forward, Metaco has kept on extending its compass, shaping associations with British Bank HSBC and crypto custody provider Zodia Custody.
Additionally, Metaco joined forces with the leading Swiss bank BBVA last November. Ripple CTO David Schwartz uncovered last month that the developing venture into custody is essential and the company plans to introduce a “one-stop shop” for institutional crypto solutions.
In response to the recent acquisition by Ripple, the community has asked about the benefit it holds for shareholders PolySign, Standard Custody’s parent company.
Review that PolySign was intended to be up for a foreclosure deal on Jan. 5 because of a loan default. In any case, there were no reports of the sale on that day, driving some to guess it never happened. Regardless, this stays unsubstantiated.