Enterprise blockchain and crypto solutions firm Ripple has agreed to acquire Standard Custody & Trust, a custody and escrow platform for digital assets, for an undisclosed sum.
Through the acquisition of the enterprise-grade regulated platform, Ripple aims to bolster its existing product offerings and explore new, complementary products.
Besides, the proposed deal will contribute Standard Custody’s limited purpose trust charter and its money transmitter licenses towards Ripple’s growing portfolio of regulatory licenses.
Based in the US, Standard Custody & Trust is a subsidiary of PolySign.
The custody and escrow platform provides new blockchain technology that delivers end-to-end encryption and distributed trust protocols for securing secret keys.
Standard Custody & Trust CEO Jack McDonald said: “Standard Custody provides financial institutions with the confidence and platform to safeguard their digital assets.
“Ripple continues to lead the industry with its deep crypto expertise, relationships with financial institutions and strong product offerings, across both payments and custody. Together with Ripple, we will further innovate and extend our leadership position in providing crypto infrastructure.”
Ripple’s acquisition of Standard Custody comes after last year’s acquisition of custody solution Metaco.
The enterprise blockchain and crypto solutions firm has also recently announced its custody partnerships with banks, including HSBC, BBVA and Zodia Custody.
Ripple president Monica Long said: “Ripple and Standard Custody are dedicated to enabling enterprises to reap the benefits of blockchain across a host of financial use cases building institutional-grade solutions to tokenise, store, move, and exchange value.
“By expanding our licenses portfolio and making smart acquisitions, Ripple is well-positioned to take advantage of the current market opportunities and further strengthen our crypto infrastructure solutions.”
The completion of the proposed deal is subject to regulatory approval and standard conditions.
TD Cowen acted as the exclusive financial advisor to PolySign.
