Ripple Labs Expands with Standard Custody Acquisition

Ripple Labs plans to acquire Standard Custody & Trust Company, a regulated platform for digital assets and pending regulatory approval.

Ripple Labs, a company specializing in blockchain payments recently announced its acquisition of Standard Custody & Trust Company, a regulated platform for digital assets designed for enterprise use.

In a transaction that is still awaiting approval from the relevant regulatory bodies, Ripple Labs has reached an agreement to buy Standard Custody which is a subsidiary of PolySign.

The fact that Ripple Labs has requested clearance from the relevant authorities demonstrates the company’s dedication to adhering to the applicable regulations in various jurisdictions.

In addition, the transaction provides the company with an additional opportunity to investigate fresh prospects and improve the items it already offers.

If the transaction is successful, the cryptocurrency company will acquire the sole ownership stake in Standard Custody thereby assuming the role of a custodian for all of the company’s existing licensing and registration processes.

In particular, Ripple Labs will use Standard Custody’s limited purpose trust charter in addition to its money transmitter licenses to increase the number of regulatory licenses it possesses as well as several other advantages.

Monica Long, the president of Ripple stated her thoughts on the transaction and discussed Ripple’s position. Long made the statement in an interview. Mrs. Long said, “What Standard Custody brings to the portfolio here is another set of important licenses with trust licenses in the United States”.

You need to supply not only the technological component to financial institutions that want to use blockchain for all kinds of decentralized financial services, but you also need to be able to provide a compliance component.

As a result, these licenses are very important to us in order to be able to provide that complete end-to-end solution. Furthermore, Ripple has expanded its portfolio of firms to include Metaco, a provider of custody solutions provider, in addition to Standard Custody.

This move comes as the company seeks to strengthen its operations in various jurisdictions. The United States Securities and Exchange Commission has been taking enforcement measures against Ripple Labs for almost three years and it appears that the company is making a concerted effort to progressively establish its position in the financial landscape.

XRP is one of the most intense drivers in the Ripple ecosystem, among other things and with the ruling from Judge Analisa Torres declaring the coin is not an investment contract, Ripple is trying to strengthen its commercial reach across the board.

Ripple has been moving toward reactivation and greater expansion due to the widespread use of XRP in international financial transactions to facilitate transactions.

It was mentioned by Ripple’s Senior Director, W. Oliver Segovia that the settlement company is now looking to promote the Ripple Payments service which is a payment option that makes use of XRP within the United States economy.

Despite everything it has accomplished up to this point, the cryptocurrency payments company is still eager to broaden the scope of its offerings.