Ripple (XRP-X) has agreed to acquire Standard Custody & Trust Co. as the crypto entity expands its presence in the US.
The company disclosed the acquisition in an X post on Tuesday in a move it says will expand its growing product portfolio of regulatory licences around the world.
The acquisition allows Ripple to offer an expanded range of in-house services, including helping firms seeking to tokenize their assets. Ripple President Monica Long disclosed in an interview:
We want to offer more and more of these infrastructure pieces to these financial institutions.
The move happens even as Ripple tries to expand beyond the payments network. The blockchain company anticipates its suit of other financial products will benefit its institutional customers. Long expects “a lot of flexibility” as a result of the new shift.
Brings in-house settlement and crypto custody services
Ripple’s president termed the acquisition of Standard Custody & Trust a long-term project. She says the purchase is expected to enable Ripple to complete its US money transmission licensing. The acquisition also brings crypto custody and settlement in-house, preventing customers from shifting to third parties.
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