Ripple Expands US Reach By Acquiring New York Crypto Trust Company

Key Points:

• Ripple Labs has acquired New York-based Standard Custody & Trust Co., expanding its service offerings beyond just a payment network.
• The deal will allow Ripple to integrate crypto custody and settlement into its services, providing more in-house services to its customers.

Ripple expands US by acquiring NY-based Standard Custody & Trust Co. to develop its services and boosting its regulatory credentials.

Ripple Labs has acquired Standard Custody & Trust Co., a New York-based crypto trust company, to expand its operations in the United States.

The acquisition will bolster Ripple’s regulatory qualifications and could signal a shift beyond its current payment offerings. The news comes amidst Ripple’s ongoing legal battle with the U.S. Securities and Exchange Commission (SEC).

Ripple Expands US Presence: A Move Beyond Payment Offerings?

In the latter part of 2023 and continuing into 2024, optimism about Ripple (XRP) has been high despite the unresolved SEC lawsuit. Such acquisition marks the company’s second such venture into the custody business and is pending approval from New York regulators.

The acquisition of the limited purpose trust charter in New York allows Ripple to extend its service offerings. The firm can now provide more in-house services to financial entities interested in tokenized assets, expanding Ripple’s operations beyond just a payment network.

Readmore: Ripple Labs Financial Statements From 2022-2023 Are Requested To SEC Lawsuit

Ripple’s Expansion Plans and Acquisition Benefits

Ripple President Monica Long expresses the company’s intent to offer more infrastructure pieces to financial institutions, viewing this move as one that provides considerable flexibility.

Simultaneously, Ripple is working on obtaining their U.S. money transmission license. While the terms of the acquisition have not been disclosed, the deal will permit Ripple to integrate crypto custody and settlement business into its services, allowing customers to depend on Ripple for custody without needing a different firm.