New York, NY – Ripple, a major player in global cross-border payments, has announced its intention to acquire Standard Custody & Trust Co., a New York-based crypto custodian firm. The acquisition is aimed at securing a New York trust charter and expanding Ripple’s U.S. regulatory licensing, allowing the company to offer a wider range of services, according to an announcement made by Ripple on Tuesday.
The acquisition of Standard Custody & Trust will add a crypto custody and settlement business to Ripple’s portfolio if approved by the New York Department of Financial Services. This will enable Ripple’s customers to maintain custody with the company instead of relying on external partners.
Monica Long, Ripple’s President, emphasized the long-term vision for the acquisition, stating that it will enable Ripple to offer a wider range of infrastructure pieces to financial institutions, allowing them to benefit from blockchain technology. Ripple CEO Brad Garlinghouse also expressed excitement about the acquisition, emphasizing its potential to improve existing product offerings and explore new products and use cases in a fully compliant manner.
This latest acquisition plan by Ripple comes after the company’s purchase of custodial giant Metaco last year, further demonstrating its commitment to the cryptocurrency custody sector. Ripple, which facilitates payments in 70 countries worldwide, has also established partnerships with top-tier banks such as HSBC, Zodiac Custody, and BBVA.
In addition to its expansion and growth, Ripple has been actively seeking U.S. money transmission licensing, securing nearly 40 U.S. money transmitter licenses. However, despite these efforts, the price of XRP, the cryptocurrency associated with Ripple, has remained suppressed. This has led to frustration among XRP enthusiasts, with some urging action from Ripple regarding poor price performance.
It remains unclear whether XRP’s price will increase in the long run, as it depends on adoption. However, as Ripple positions itself for a surge in adoption and XRP usage, it is important to remember that XRP has advanced significantly since its launch.