Benzinga - Ripple (CRYPTO: XRP) on Tuesday announced its intention to acquire digital assets firm Standard Custody & Trust Company, to expand its product offerings.
The completion of the acquisition is contingent upon receiving regulatory approval and satisfying standard closing conditions.
TD Cowen acted as the exclusive financial advisor to PolySign in the transaction.
In a press release, Ripple stated Ripple and its subsidiaries collectively hold a New York BitLicense, about 40 money transmitter licenses across the U.S., a Major Payment Institution License from the Monetary Authority of Singapore, and a Virtual Asset Service Provider registration with the Central Bank of Ireland.
Monica Long, president of Ripple, emphasized the strategic importance of the acquisition, stating, "By expanding our licenses portfolio and making smart acquisitions, Ripple is well-positioned to take advantage of the current market opportunities and further strengthen our crypto infrastructure solutions."
Long also highlighted Ripple's commitment to leveraging its financial strength to introduce new products, support initiatives, and cater to a wider customer base.
Also Read: MicroStrategy CEO Michael Saylor: ETFs Spark 10 Times As Much Demand For Bitcoin
Ripple's acquisition of Standard Custody follows its previous purchase of Metaco, a custody solution favored by global banks, and underscores Ripple's ongoing efforts to solidify its position in the payments and custody sectors.
The company has recently forged custody partnerships with banks such as HSBC, BBVA, and Zodia Custody, and expanded its Ripple Payments offering into new markets, including Africa.
Ripple now supports live commercial custody offerings in 20 regulatory jurisdictions and facilitates payments in 70 countries worldwide.
Jack McDonald, CEO of Standard Custody, expressed enthusiasm about joining forces with Ripple, noting, "Together with Ripple, we will further innovate and extend our leadership position in providing crypto infrastructure."
Read Next: Wall Street 'Loves Bitcoin,' Says Anthony Pompliano: All-Time High 'Pretty Much Guaranteed'
Photo: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.