Ripple To Acquire NEW Custody Entity!

February 13, 2024 6:57 pm Comments

Ripple Labs is set to acquire yet another custody firm.

Standard Custody will join the suite of companies under Ripple’s banner once the regulatory green light is given for the acquisition to go through.

This marks the second custody firm that Ripple Labs has acquired, with Metaco being the first custody entity that Ripple Labs took over.

ProCoin News recently reported that Metaco’s CEO and founder announced that he is stepping down from the company’s helm. Could the recent acquisition of Standard Custody have anything to do with his departure?

Ripple Labs announced on Tuesday: “Today, we’re excited to announce that Ripple has signed a deal to acquire Standard Custody, strengthening our product offerings and adding to our growing portfolio of regulatory licenses around the world. Learn more about our latest acquisition.”

ZY Crypto explained:

Ripple’s acquisition of Standard Custody & Trust, still subject to approval from the New York Department of Financial Services, will add a crypto custody and settlement business to Ripple’s portfolio.

This acquisition will allow Ripple’s customers to maintain custody with the company instead of relying on external partners.

Ripple CEO Brad Garlinghouse issued this statement: “With Standard Custody, we’ll be able to improve existing product offerings for our customers, as well as explore new products and use cases, all in a fully compliant way. To date, Ripple has secured: nearly 40 U.S. money transmitter licenses, MPI license from MAS, and VASP registration with Central Bank of Ireland (and counting!)”

The Block had more on Standard Custody:

Standard Custody provides digital asset custody, escrow and settlement services for institutional clients. It was among the first digital asset firms to receive de novo application approval for a New York trust license in May 2021, The Block previously reported.

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