Ripple, the San Francisco-headquartered blockchain company, is ramping up its involvement in the digital asset custody sector with strategic maneuvers, including the recent posting of a job opportunity for an experienced enablement engineer in New York.
This step comes on the heels of Ripple’s acquisition of Metaco, a company specializing in security-critical infrastructure for financial institutions, in a deal worth $250 million last May.
Metaco, now under Ripple’s umbrella, has been instrumental in developing scalable and integrated solutions for the digital asset ecosystem. Serving esteemed clients like Citi, BNP Paribas, and the digital asset division of Societe Generale, Metaco prioritizes delivering robust, scalable, and cohesive solutions.
The newly advertised role revolves around the Harmonize platform, aimed at streamlining client integration with Metaco’s offerings. This move reflects Ripple’s strategy to meet the escalating institutional demand for reliable cryptocurrency custody services.
Ripple’s acquisition of Metaco not only signals its foray into the custody sector but also represents a strategic maneuver to navigate the complex regulatory landscape of the crypto industry. Through this acquisition, Ripple aims to furnish a secure and compliant avenue for managing digital assets, addressing the intensified regulatory scrutiny faced by cryptocurrency businesses in the United States.
By harnessing Metaco’s technology, Ripple seeks to furnish clients with a secure and compliant means of managing their digital assets amidst heightened regulatory attention in the U.S.
Ripple’s CEO, Brad Garlinghouse, has previously stressed the significance of infrastructure development in mitigating the inherent volatility of cryptocurrencies, prioritizing stability and regulatory adherence over immediate market gains.
In furtherance of its regulatory compliance efforts, Ripple disclosed plans on Feb. 13 to acquire Standard Custody and Trust Company, a New York-based entity renowned for its digital asset services. This acquisition is poised to bolster Ripple’s regulatory posture by incorporating crucial trust charter and money transmitter licenses into its arsenal.
Standard Custody, which obtained a New York trust license in May 2021, is esteemed for its custody and settlement services for digital assets.
Ripple persists in forging partnerships with leading banks globally and aims to fortify its regulatory credentials in the U.S., Singapore, the U.K., and Europe, with the goal of providing a comprehensive suite of services in the dynamic cryptocurrency market.
