In a significant move towards integrating traditional banking with cryptocurrencies, Ripple has acquired Metaco, a Swiss crypto custody firm. This acquisition brings Ripple closer to banks including HSBC, one of the world’s largest financial institutions, and hints at a possible adoption of Ripple’s XRP Ledger and token.
As per a recent CoinDesk report, Metaco had established a collaborative relationship with HSBC even prior to its acquisition by Ripple. This alliance is seen as a positive development by the XRP community, notwithstanding Metaco CEO Adrien Treccani’s assertion that HSBC’s decision was not influenced by Ripple’s acquisition.
While Treccani did acknowledge an indirect link between Ripple’s solutions and Metaco’s banking clients, he stated, “Every success of Ripple the company is also a success for the XRP Ledger.”
Despite rumors about potential repercussions of Ripple’s ongoing conflict with the U.S. Securities and Exchange Commission (SEC), Treccani confirmed that the acquisition has not deterred their banking clients. He indicated potential partnerships with top-tier banks in Europe, the U.S., APAC, and Africa in the near future.
The acquisition of Metaco by Ripple is in line with the growing trend of tokenization in major banks, which requires robust digital asset custody technology. Treccani is of the view that building for tokenization now will establish a foundation for banks to offer cryptocurrency-related services in the future.