Ripple to Buy New York Crypto Trust Company to Expand U.S. Options

mpany with a New York trust charter will expand the business it's allowed to conduct in the U.S., potentially letting it move beyond its well-known role as a payments network.

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

Ripple struck a deal to acquire Standard Custody & Trust Co., the company said Tuesday, in order to secure a New York trust charter in an ongoing expansion of its U.S. regulatory licensing.

Despite Ripple's overseas focus and its high-profile legal clash 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 stretch its capabilities in the U.S. The limited purpose trust charter held in New York by the company Ripple is buying will let it offer more in-house services, including to financial firms seeking to tokenize assets.

The company is trying to push beyond the payments network it's known for and into other financial products in which their institutional customers can benefit from blockchain technology. #Write2Earn