Ripple Labs will buy a company with a financial license to enter the US market
The issuer of the XRP token, Ripple Labs, has announced plans to acquire the digital asset storage platform Standard Custody & Trust for expansion in the US market, CoinDesk writes. In a comment to the publication, Ripple Labs President Monica Long emphasized that the company views this move as part of a long-term project to launch a licensed financial services business in the United States with the opportunity to work in the field of asset tokenization for financial institutions.
The acquisition of licensed Standard Custody & Trust, pending approval from the New York Department of Financial Services, will add cryptocurrency custody and settlement capabilities to Ripple's existing business. Clients will be able to store assets with Ripple, bypassing external partners.
