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Ripple boosts US presence with New York Crypto Trust acquisition

By:
on Feb 14, 2024
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  • The move expands Ripple's portfolio of products, including crypto custody services.
  • Ripple has been expanding globally and has earned several licences.
  • The acquisition awaits approval by the New York regulator.

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Ripple has agreed to acquire Standard Custody & Trust Co. as the crypto entity expands its presence in the US. The company disclosed the acquisition in an X post on Tuesday in a move it says will expand its growing product portfolio of regulatory licences around the world.

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The acquisition allows Ripple to offer an expanded range of in-house services, including helping firms seeking to tokenize their assets. Ripple President Monica Long disclosed in an interview:

We want to offer more and more of these infrastructure pieces to these financial institutions.

The move happens even as Ripple tries to expand beyond the payments network. The blockchain company anticipates its suit of other financial products will benefit its institutional customers. Long expects “a lot of flexibility” as a result of the new shift.

Brings in-house settlement and crypto custody services

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Ripple’s president termed the acquisition of Standard Custody & Trust a long-term project. She says the purchase is expected to enable Ripple to complete its US money transmission licensing. The acquisition also brings crypto custody and settlement in-house, preventing customers from shifting to third parties.

The acquisition of Standard Custody now awaits approval by the New York Department of Financial Services. If approved, Ripple is expected to cement its ongoing strategy of expanding globally. The company has other licences, including in Ireland and Singapore.

Ripple’s move in the US is a bold one after having been embroiled in legal tussles with the SEC over alleged security offerings of its crypto token, XRP. Despite the regulatory hurdles, Ripple believes the US is a major market, with Long pointing out that the country will emerge as the leader in driving innovation.

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