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Ripple news

Ripple’s Latest Move Bolsters It As A Digital Asset Custody Provider

Jake Simmons
by Jake Simmons
1 year ago
·
Posted in Ripple
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Ripple is transitioning into a full-service digital asset custody provider, following its acquisition of Metaco, a Swiss-based leader in the sector, for $250 million in May 2023. This development represents a significant expansion of the fintech’s capabilities into the institutional crypto custody market—a segment that is expected to experience substantial growth over the next decade.

Integration Of Metaco’s Solutions On Ripple’s Platform

The integration of Metaco’s offerings into Ripple’s services was formally announced via X. In a statement shared on the platform, Metaco declared, “All Metaco updates and news for institutional-grade custody solutions can now be found on Ripple. This move allows us to better connect with our community and provide even more valuable insights.” This move underscores a strategic alignment and integration of technologies and services between the two companies.

All Metaco updates and news for institutional-grade custody solutions can now be found on @Ripple. This move allows us to better connect with our community and provide even more valuable insights.

Thank you for your continued support.
➡️https://t.co/CRY7VTQfQS

— Metaco (@metaco_sa) May 14, 2024

A prominent figure within the XRP community, WrathofKahneman, highlighted the implications of this integration by stating, “And there we are. The web frontend for Metaco is now Ripple’s ‘Institutional Digital Asset Custody Platform’ page. Gets interesting from here!”

Related Reading: Court Update: New Filing Reveals What Ripple Wants To Hide From Public

The integration raised several questions within the community regarding its impact on different investor classes and the overall strategy. Addressing these concerns, WrathofKahneman speculated, “At face value, it doesn’t add too much new information; we knew Ripple acquired Metaco. It suggests to me the key role licensed custody plays in Ripple’s plans moving forward, so much so that despite initial claims, they seem to increasingly integrate (absorb) Metaco.”

Chad Steingraber, another prominent community member, further emphasized the significance of this shift, remarking, “Ripple is now a complete Digital Asset Custody Service.” This reflects a general consensus that the company has evolved from its origins as a payment protocol to a more diverse financial technology platform offering institutional-grade digital asset services.

The new subpage offers a comprehensive outline of the service capabilities: “Access the entire digital asset ecosystem today. Scale bespoke business models in new markets with the digital asset economy. Custody is critical to unlocking value, addressing growing demand for new asset classes, and building novel use cases across asset tokenization, stablecoin issuance, trading, staking and beyond.”

Related Reading: SEC Takes Another Stab At Ripple In Its Final Brief: Details

It further details the benefits of their institutional-grade custody platform, focusing on security and compliance, agility and flexibility, and connectivity and networks. These features are designed to provide “the ultimate level of private key protection, scalable governance across all operations, and sole control over data and processes,” thereby positioning Ripple as a key player in the rapidly evolving digital asset market.

The acquisition of Metaco not only expands Ripple’s technological base but also aligns with its strategic objectives to dominate the growing market of crypto services for enterprises. Metaco’s flagship product, Harmonize, is a benchmark in digital asset custody and tokenization, widely utilized by leading custodians, banks, and financial institutions globally.

Despite the acquisition, Ripple announced last year that Metaco will continue to operate as an independent brand and business unit under the leadership of its founder and CEO, Adrien Treccani. However, the latest announcement seems to be a slight shift from this strategy.

At press time, XRP traded at $0.49824.

XRP price
XRP price, 1-week chart | Source: XRPUSD on TradingView.com
Featured image from Shutterstock, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Jake Simmons

Jake Simmons

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Jake Simmons has been a Bitcoin enthusiast since 2016. Ever since he heard about Bitcoin, he has been studying the topic every day and trying to share his knowledge with others. His goal is to contribute to Bitcoin's financial revolution, which will replace the fiat money system. Besides BTC and crypto, Jake studied Business Informatics at a university. After graduation in 2017, he has been working in the blockchain and crypto sector. You can follow Jake on Twitter at @realJakeSimmons.

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