Ripple Reveals Plans To Enter Lucrative Custody Market• January 26, 2024 11:05 pm • Comments
Ripple’s Chief Technical Officer, David Schwartz, recently appeared on the Thinking Crypto podcast to discuss the future of the company.
Schwartz touched on a variety of topics, including Ripple’s planned entrance into the custody markets. Last year, Ripple acquired Metaco, a firm that specializes in onboarding real-world assets onto the blockchain and digital asset custody.
The Chief Technical Officer also touched on a strategic partnership with Chinese banking giant HSBC.
Both the partnership with HSBC and the acquisition of Metaco will contribute to Ripple’s stated goal of becoming a one-stop shop for institutional clients, according to Schwartz.
Here’s what Schwartz recently told Tony Edward of the Thinking Crypto podcast:
— Marcel Knobloch aka Collin Brown (@CollinBrownXRP) January 25, 2024
The Ripple CTO revealed that after searching for various options for custody solutions, Metaco and HSBC emerged as the most suitable choices for the Ripple network.
He stressed the importance of Ripple’s movement into the custody sector, emphasizing the market’s substantial value, which is set to reach $10 trillion by 2030.
The crypto community shared thoughts and reactions in response to the recent interview with Ripple’s Chief Technical Officer David Schwartz; will this recent development finally push XRP in an upward direction?
Wow, it looks like Ripple is making some major strategic moves! The partnership with Metaco and HSBC to enter the $10 trillion crypto custody market is definitely a game-changer. This shows Ripple's commitment to expanding its presence and providing secure custody solutions.… https://t.co/hCNx4RqOP0
— Brett Hill (@Brett_Crypto_X) January 25, 2024
The acquisition of Metaco positions Ripple as a one-stop shop for institutions entering the crypto space
Ripple’s partnership with HSBC signals their strategic entry into the $10 trillion crypto custody market.https://t.co/LzMprZcCzQ
— Michael Branch (@Michael63140627) January 26, 2024
@Ripple aims to dominate the $10 trillion crypto custody market by acquiring #Metaco and partnering with #HSBC. The company offers a comprehensive solution for institutions adopting cryptocurrencies, including secure custody, liquidity, payment, and connectivity services. https://t.co/pA14OQT2lx
— Ichi (@Z_Ichi_) January 25, 2024
The talk also delved into HSBC’s interest in tokenized commodities like gold and securities. Schwartz acknowledged the ongoing alignment of Ripple’s and Metaco’s strategies for optimal synergy, emphasizing Ripple’s goal to be the “leading enterprise solution provider in the space.”
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