Blockchain firm Ripple has taken a further step into the digital asset servicing world with the acquisition of Standard Custody & Trust.
The US-based company describes itself as an enterprise-grade regulated platform for digital assets.
Under the terms of the acquisition, Ripple will inherit Standard Custody’s limited purpose trust charter and money transmitter licences, thereby bolstering Ripple’s regulatory credentials.
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In addition to a number of licences across the US, Ripple and its subsidiaries also hold a Major Payment Institution licence from the Monetary Authority of Singapore, and a Virtual Asset Service Provider registration with the Central Bank of Ireland.
The latest purchase comes on the back of last year’s acquisition of custody provider Metaco in a US$250 million deal.
Ripple has also announced a series of partnerships with banks and custodians, including HSBC, BBVA and Zodia Custody.
