Ripple acquires US virtual currency custody company, expands licenses
Get standard custody
On the 13th, US company Ripple announced that it will acquire crypto asset (virtual currency) custody company Standard Custody and Trust Company (hereinafter referred to as Standard Custody).
The move underscores Ripple’s commitment to regulatory compliance and will also allow it to enhance its existing services and explore new complementary services.
Standard Custody provides an institutional-grade custody and escrow platform. It is a subsidiary of PolySign, which provides blockchain solutions. A Ripple spokesperson said the deal requires regulatory approval, but once the deal is completed, Ripple will become the company’s sole shareholder.
connection:
U.S. District Court approves SEC motion and requests Ripple to submit XRP sales documents
Expanding licenses
Standard Custody is licensed as a trust company by the New York State Department of Financial Services (NYDFS) and also holds a money transfer license. Monica Long, president of Ripple, explained:
Standard Custody brings to our portfolio a significant set of licenses, including a trust license in the United States.
In addition to the technical elements, it also needs to be able to provide legal compliance aspects to financial institutions that want to use blockchain for various decentralized financial services. These licenses are key to our ability to provide complete comprehensive solutions.
Ripple, including its subsidiaries, is in the process of acquiring various licenses. It holds a BitLicense in New York, approximately 40 remittance licenses across the United States, a Major Payment Institution License from the Monetary Authority of Singapore, and a Virtual Asset Service Provider License from the Central Bank of Ireland.
Last year, it acquired Swiss-based custody company Metaco.
Metaco provides institutional clients with a storage, trading, and issuance platform for a variety of digital assets, including cryptocurrencies, digital securities, and non-fungible tokens (NFTs). Ripple intends to utilize these functions to expand services for institutional customers.
connection:
Ripple acquires crypto custody company Metaco
What is custody?
A term widely used for assets other than virtual currencies. Refers to services that perform a wide range of tasks on your behalf, such as asset storage, settlement related to buying and selling, receipt of principal, interest, and dividends, and the exercise of voting rights. A company that performs custody is called a “custodian.â€
Virtual currency glossary
Possibility of preparing an XRP ETF
With its core businesses of payments and custody, Ripple operates commercial custody services in 20 regulated jurisdictions and payment services in 70 countries around the world.
In January, the company was looking for a senior manager to “promote initiatives for cryptocurrency-related ETFs,†and it has been pointed out that the company may be preparing to apply for listing the cryptocurrency XRP as an ETF.
connection:
Ripple preparing to apply for XRP ETF listing New job information
Ripple special feature
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