Ripple joins forces with Metaco and HSBC to venture into the $10 trillion market of crypto custody.
Ripple Makes Power Moves in Crypto Custody Market
Ripple, a leading blockchain technology company, is making strategic moves to establish itself as a major player in the rapidly growing crypto custody market. In a recent interview with the Thinking Crypto Podcast, Ripple’s CTO David Schwartz discussed the company’s acquisition of Metaco and its partnership with HSBC.
Schwartz emphasized the importance of a strong custody solution in Ripple’s goal to become a comprehensive hub for institutional crypto adoption. The acquisition of Metaco, a firm specializing in custody services, for a whopping quarter-billion dollars, allows Ripple to offer a wide range of services, including access to the XRP Ledger, tokenization, and seamless payment solutions.
The partnership with HSBC is another significant development for Ripple. HSBC, a global banking giant, will leverage technology to provide custody services and compliance solutions, making it easier for institutions to enter the crypto space.
The conversation also touched on the projected growth of the crypto custody market, which is expected to reach $10 trillion by 2030 due to the increasing popularity of tokenization. Schwartz predicted that discerning institutions would prefer providers that offer a comprehensive suite of services, including custody, payments, and liquidity.
HSBC’s interest in tokenized commodities like gold and securities aligns well with Ripple’s strategy. Schwartz highlighted the synergies between Ripple and Metaco and expressed the company’s ambition to become the leading enterprise solution provider in the crypto custody space.
Ripple’s strategic acquisitions and partnerships with Metaco and HSBC demonstrate its commitment to establishing a strong foothold in the market. Unlike some other companies in the industry, Ripple is not solely focused on XRP ETFs or IPOs.
Overall, Ripple’s moves in the crypto custody market position the company for success and reinforce its reputation as an innovative leader in the blockchain industry.
Tags: Ripple (XRP)