Ripple CEO Brad Garlinghouse shared the company's successes, starting last year and continuing into 2024.
On his X (Twitter) page, Garlinghouse reported on the company's recent deal to acquire Standard Custody and Trust. He listed the fintech giant's "epic wins," including 40 money transfer licenses in the US, an MPI license from MAS, and VASP registration with the Central Bank of Ireland.
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On Tuesday, Ripple announced plans to acquire Standard Custody & Trust Company, a regulated enterprise-level platform for digital assets, and on Wednesday, it had already announced the purchase of the company, U.today informs.
The deal underscores the Ripple team's commitment to meeting all rules and regulatory requirements, which will ensure the company can scale, offer new, complementary products, and expand the use of existing products.
Under the terms of the purchase agreement, Standard Custody's limited purpose trust charter and money transmitter licenses will be added to Ripple's portfolio of licenses. With this acquisition, the company is trying to expand beyond its payment network business.
Brad Garlinghouse enthusiastically stated that Ripple's global momentum continues to be unrivaled, demonstrating a broad market reach around the world.
Last year, Ripple struck a deal to acquire Metaco, a custodial wallet. Ripple also announced promising partnerships with HSBC, BBVA, and Zodia Custody.
In addition, the company is proud to expand the reach of Ripple Payments, particularly with the launch of payments activity across Africa. Ripple is currently making efforts to expand and obtain new licenses in the payments space, including in the US. The company also promotes commercial cryptocurrency custody products in 20 different jurisdictions and payment services in 70 countries.
Ripple's key win in 2023 was a legal victory in a standoff with the Securities and Exchange Commission (SEC). This landmark event was a watershed moment in determining the legal status of the XRP token and the crypto industry's first victory over the SEC, setting a precedent for other tokens in the US.