tl;dr
Ripple Labs has announced its acquisition of Standard Custody & Trust Company, a move that will enhance its product offerings and expand its services in the crypto industry, pending regulatory approval. The acquisition will allow Ripple to integrate custody more deeply into its products and compleme...
Ripple Labs has announced its acquisition of Standard Custody & Trust Company, a move that will enhance its product offerings and expand its services in the crypto industry, pending regulatory approval. The acquisition will allow Ripple to integrate custody more deeply into its products and complement its payments and custody offerings. With this acquisition, Ripple gains additional licenses and regulatory approvals, adding to its already extensive list of licenses across the US, Singapore, and Ireland. The financial details of the acquisition were not disclosed, but this move follows Ripple's previous acquisition of Swiss-based custody provider Metaco, indicating a strategic focus on expanding its presence in the digital asset custodian space.
As stated by Ripple president Monica Long, "As we integrate custody more deeply into Ripple’s products, we see clear synergies with Standard Custody to complement our payments and custody offerings – all in service of being a one-stop shop to move, convert and store value with blockchain and crypto."
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