Expand your business in the United States! Ripple acquires cryptocurrency trust company Standard Custody & Trust

Ripple Labs announced that it has reached an agreement to acquire the cryptocurrency trust company “Standard Custody & Trust Co.” By acquiring the latter, Ripple hopes to use its trust license in New York to further expand its business in the United States.

Although Ripple is in trouble due to litigation with the U.S. Securities and Exchange Commission (SEC), the company still regards expanding overseas markets as a top priority. In addition to setting up its Asia-Pacific headquarters in Singapore and obtaining a local payment license, Ripple once considered an IPO in markets other than the United States. However, the global payments company remains committed to growing its business in the United States.

Specifically, the license held by Standard Custody & Trust Co. in New York will allow Ripple to provide more diversified financial services. These services include asset tokenization, cryptocurrency custody and settlement, and more. Therefore, Ripple's business scope is no longer limited to payment networks, but can meet the multiple needs of financial companies.

Ripple President Monica Long said that Ripple is committed to providing more infrastructure for financial institutions and believes that this will bring more flexibility to Ripple.

In addition, Monica Long added that Ripple is currently working to obtain a U.S. remittance license. She emphasized: "The U.S. market is critical to us, and we believe the United States has the potential to become a leader in driving innovation." Department of Services (NYDFS) approval. If ultimately approved, this will be Ripple’s second acquisition of a cryptocurrency custody company, following its acquisition of Swiss company Metaco last year.

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