In addition to allowing the business to grow outside of its main payments network and into other blockchain-based financial products for institutional clients, the move highlights Ripple's dedication to regulatory compliance.

As part of the planned agreement, Ripple will acquire Standard Custody's money transmitter licenses and limited purpose trust charter, adding to the company's expanding collection of regulatory licenses. Together, Ripple and its affiliates own a BitLicense in New York, almost forty money transmitter licenses in the US, a Major Payment Institution License from the Monetary Authority of Singapore, and a Central Bank of Ireland registration as a Virtual Asset Service Provider.

Ripple president Monica Long states, "Ripple and Standard Custody are committed to enabling enterprises to reap the benefits of blockchain across a wide range of financial use cases by developing institutional-grade solutions to tokenize, store, move, and exchange value." Ripple is well positioned to capitalize on current market possibilities and strengthen its crypto infrastructure solutions by growing its license portfolio and making strategic acquisitions."

The $250 million purchase of custody provider Metaco last year was followed by the acquisition of Standard Custody. Recently, Ripple announced the extension of its Ripple Payments offering into additional regions, including Africa, and a number of custody relationships with prestigious banks, including HSBC, BBVA, and Zodia Custody.

The transaction's closing is contingent to regulatory approval. The conditions of payment were not revealed.