News: Ripple (XRP) plans to acquire the New York-based crypto custodial company in order to expand opportunities in the United States.
Standard Custody & Trust Co., holder of a New York state license, will represent the latest strategic addition to enhance Ripple’s regulatory qualifications. Let’s see all the details below.
Summary
XRP news: the acquisition strengthens Ripple’s position in the US cryptocurrency market
As anticipated, Ripple recently announced that it has reached an agreement to acquire Standard Custody & Trust Co. With the goal of obtaining a trust license in New York, thus expanding its presence in the regulatory context of the United States.
Despite the international attention and ongoing legal dispute with the US SEC, which has so far mainly characterized the company from regulatory authorities, Ripple continues to pursue expansion of its operations in the United States.
The limited trust license from New York, held by the company being acquired, will allow Ripple to offer a wider range of in-house services. Especially to financial companies interested in asset tokenization.
The company’s goal is to diversify its offerings beyond the payment network, introducing new financial products based on blockchain technology to benefit institutional clients.
Monica Long, president of Ripple, stated in a recent interview that the company aims to provide increasingly advanced infrastructure to financial institutions. In fact, she sees this move as part of a long-term project.
He also emphasized that Ripple is in the process of completing the remaining money transmission licenses in the United States.
The agreement with Standard Custody & Trust
Also highlighted are Ripple’s agreements and business strategies in the United States, given the recent agreement with Standard Custody & Trust.
The value of the same and the details are currently confidential, pending approval from the New York Department of Financial Services.
This acquisition will add custody and settlement activities crypto to Ripple’s skills. Allowing customers to manage custody through Ripple itself instead of relying on external third parties.
Despite the ongoing dispute with the SEC and the regulatory uncertainties surrounding digital assets in the United States, Ripple believes that the US market is crucial. Furthermore, it believes that the United States can emerge as a leader in industry innovation.
This acquisition follows a previous agreement in which Ripple had acquired another cryptocurrency custody company, Metaco.
Leadership changes in Metaco: after the acquisition by Ripple
Metaco, a cryptocurrency custody company recently acquired by Ripple, has announced the resignation of two prominent figures.
The AD Adrien Treccani and Chief Product Officer Peter DeMeo have left the company, marking a significant change in leadership following the acquisition by Ripple in May 2023.
The news has sparked discussions in the crypto community about the future of Metaco under the influence of Ripple and the possible implications for the cryptocurrency custody sector.
The departure of Treccani and DeMeo comes at a crucial moment for Metaco, recognized for its innovative approach to digital custody solutions.
Under their guidance, Metaco has built a strong reputation by offering secure and scalable custody services for digital assets. Additionally, they have catered to a diverse clientele, including banks, financial institutions, and corporate entities.
The acquisition by Ripple has been seen as a strategy to enhance the company’s cryptographic solutions, integrating Metaco’s custody expertise into Ripple’s growing suite of offerings.
A spokesperson for Ripple has acknowledged the contribution of the two executives, highlighting appreciation for Adrien’s leadership and his team in building a robust custody business.
The spokesperson also emphasized that custody remains fundamental to Ripple’s expanding business, highlighting the commitment to maintain Metaco’s high standards of service and innovation during this leadership transition phase.
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