Ripple Acquires Second Custody Provider, Standard Custody & Trust Company

Ripple, the corporate behind the XRP cryptocurrency and fee community, has introduced its acquisition of Commonplace Custody & Belief Firm, a US-based digital asset custodian.

Commonplace Custody operates beneath a New York belief constitution and holds cash transmitter licenses, including to Ripple’s current portfolio of regulatory approvals. President Monica Lengthy emphasizes the strategic worth of this acquisition, stating it “affords us the chance to serve prospects in new methods” associated to tokenization, storage, and worth change.

The acquisition additional highlights Ripple’s deal with regulatory acceptance. They already maintain a BitLicense in New York and cash transmitter licenses in varied US states. This dedication to compliance stands in distinction to ongoing authorized challenges associated to XRP.

This acquisition follows Ripple’s buy of Metaco, a Swiss blockchain custody agency, in Could 2023. These strategic strikes display Ripple’s ambition to change into a complete answer for enterprises navigating the digital asset area.

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