- Monica Long, Ripple’s president, says that by acquiring Standard Custody it expanded its product and license offerings to a wider market segment.
- Standard is the second money transmitter Ripple acquired after Metaco. The company and its subsidiaries collectively hold more than thirty dozen licenses to transmit money in the US.
Last month, Ripple announced that it had acquired Standard Custody & Trust Company, a regulated custodian offering enterprise-grade solutions. This week, Ripple explained the vision behind the acquisition and its decision to continue expanding its subsidiaries.
Crypto News Flash reported Ripple had acquired Standard Custody at that time and its money-transmitter licenses in the US numbered close to forty. The company also has a Virtual Asset Service Provider Registration with the Irish Central Bank and a Major Payment Institution License (MAS) from Singapore’s apex financial institution.
Ripple CEO Monica Long commented on the latest development. described It’s a strategy to collect licenses throughout the US, and beyond. In recent years, regulators have been more aggressive in their crackdown on blockchain firms. These licenses might be the thing that separates Ripple from its competitors.
Long stated
By expanding our licenses portfolio and making smart acquisitions…we will continue to leverage our strong financial We are standing to support and expand the product line, new initiatives in product development, and reach a larger segment of our customers.
Ripple is headquartered in California but has partnerships and operations all over the world, from Asia to Africa, Europe, and Latin America. Long recently told a media outlet that the company wants to continue expanding its operations in their native country.
Standard Custody, which holds a limited purpose trust charter in New York can now offer financial Services that target institutions and expanding its tokenization effort. Crypto News Flash is following Ripple’s tokenization milestones and efforts, including those with Metaco The following are some examples of how to get started: HSBC.
“We want to offer more and more of these infrastructure pieces to these financial institutions. We see this as giving us a lot of flexibility,” Long told One news outlet
Ripple Targets World Domination
Ripple’s post from this week highlighted the Standard Custody acquisition. The acquisition of Standard Custody is the latest in a series that has seen the custodian licensed and regulated. proof Ripple’s commitment towards compliance was affirmed.
It is also a good idea to consider it. “strengthens Ripple’s product offerings in response to growing customer demand.” Standard Custody solutions allow the Californian company to build products that enable clients to tokenize their assets, store them in-chain, move seamlessly, and exchange value instantly.
The company also added:
Standard Custody is one of the very few crypto companies to hold a TrustLicense. The acquisition of Standard Custody is part of a continuous effort to acquire licenses in different countries and regions including Singapore, UK, and Europe.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
Source: www.crypto-news-flash.com