Ripple – the company behind the popular cryptocurrency XRP – has announced that it acquired an enterprise-grade regulated platform for digital assets called Standard Custody & Trust Company.
According to the official announcement, the move is aimed at underscoring Ripple’s commitment to regulatory compliance.
Speaking on the matter was Monica Long, Ripple President, who said:
“Ripple and Standard Custody are dedicated to enabling enterprises to reap the benefits of blockchain across a host of financial use cases, building institutional-grade solutions to tokenize, store, move, and exchange value. By expanding our license portfolio and making smart acquisitions, Ripple is well-positioned to take advantage of the current market opportunities and further strengthen our crypto infrastructure solutions. […] We will continue to leverage our strong financial standing to expand our product offerings, support new initiatives on the product roadmap, and serve a broader segment of customers.”
Standard Custody has a limited purpose trust charter and money transmitter licenses across the United States, as well as a Major Payment Institution License from the Monetary Authority of Singapore, and a Virtual Asset Service Provider registration with the Central Bank of Ireland.
The move comes soon after another Ripple executive – Oliver Segovia – a Senior Director, as well as the firm’s head of Product Marketing for the payments division – teased that they are planning to announce new product updates for its US user base.