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Ripple to Buy New York Crypto Trust Company to Expand US Options

Standard Custody & Trust Co., which has New York charter, will be the latest acquisition to boost Ripple's regulatory qualifications.

[By Jesse Hamilton]

(February 13, 2024 at 12:00 pm)

#Write2Earn #Ripple #Política #criptomoedas #MercadoFinanceiro

Ripple is planning to acquire Standard Custody & Trust Co. along with its New York charter.

(Jesse Hamilton/CoinDesk)

Ripple's acquisition plan to acquire a company with New York trust status will expand the business it can conduct in the US, potentially allowing it to go beyond its known role as a payments network.

The deal – Ripple's second recent purchase of a custody company – must still be approved by the New York regulator.

Ripple has reached a deal to acquire Standard Custody & Trust Co., the company said Tuesday, in order to secure New York fiduciary status in a continued expansion of its U.S. regulatory licensing.

Despite Ripple's overseas focus and its high-profile legal tussle with the U.S. Securities and Exchange Commission (SEC), which has so far mostly gone against the regulator, the global payments company is still trying to grow its capabilities in the U.S. . The contract held in New York by the company Ripple is buying will allow it to offer more in-house services, including to financial companies looking to tokenize assets. The company is trying to move beyond the payments network it is known for and into other financial products where its institutional clients can benefit from blockchain technology.

“We want to offer more and more pieces of infrastructure to these financial institutions,” Ripple President Monica Long said in an interview with CoinDesk. “We see this as something that gives us a lot of flexibility.”