Ripple, the well-known blockchain solutions provider, has made a recent press statement announcing its latest action in regulatory compliance and enterprise blockchain solutions. In this announcement, Ripple disclosed an acquisition agreement with Standard Custody & Trust Company which is a digital asset management platform focused on regulatory adherence.
Considered a strategic deal, this move by the company is not just reinforcing its commitment to regulatory compliance but is also important in enhancing its product range due to the growing customer demand. By including Standard Custody, Ripple strengthens their ability to create and provide institution-grade solutions that enable organizations to tokenize, store transfer, and exchange value.
The company has particularly grown its regulatory license collection which will make it easier for their enterprise blockchain solutions to reach a large number of application users. The acquisition of Standard Custody by Ripple is in line with the company’s recent efforts to acquire licenses from different jurisdictions including Europe, the UK, and Singapore because Ripple is among very few crypto companies that own a Trust License.
Monica Long, President of Ripple, underscored the significance of this move, stating:
By expanding our licenses portfolio and making smart acquisitions…we will continue to leverage our strong financial standing to expand our product offerings, support new initiatives on the product roadmap and serve a broader segment of customers.
Ripple’s Regulatory License Collection
This purchase further strengthens the company’s impressive array of regulatory licenses, now including about 40 money transfer licenses across the US, a Major Payment Institution license given by the Monetary Authority of Singapore, and Central Bank of Ireland registration as a Virtual Asset Service Provider. Such are highlights that demonstrate the company’s in-depth understanding of cryptocurrencies and its persistent resolve on long-term strategic projects for international corporate solutions.
Businesses and institutions are now more aware of the benefits of blockchain technology, hence the necessity for fully mature, safe, and law-abiding digital asset management solutions is expanding. However, this latest move by Ripple makes it ahead of others always ready to offer such services thus cementing its position as a leading provider of enterprise blockchain offerings.
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