A supporter of XRP sent a clip from a recent video interview with Jack McDonald, CEO of PolySign and Standard Custody, in which he discussed XRP custody.
The crypto custody business Metaco, which Ripple just bought, is in the same industry as PolySign. The CTO of Ripple published an official statement on the decision made by the company and the reasons why PolySign was not chosen.
XRP business to expand, but Bitcoin remains new clients’ first choice
According to McDonald, PolySign is beginning to expand its XRP custodian business, and he will research strategies to attract new users for this top-10 cryptocurrency. He claims that clients of the business have so far preferred to store their Bitcoin and Ethereum.
Since these investors like assets with a big market capitalization value, McDonald said that XRP “does not come top of mind” for them. Additionally, he noted that some consumers are looking for a trustworthy custodian for their XRP.
Ripple CTO comments on not choosing PolySign for partnership
As U.Today revealed on Wednesday, the cryptocurrency powerhouse Ripple Labs has signed an acquisition agreement with Metaco, a Swiss supplier of digital asset custodian services. As a result of Ripple’s action, Metaco will be able to offer financial institutions and banks cryptocurrency custody using Ripple’s extensive worldwide client base.
Brad Garlinghouse, the CEO of Ripple, recently tweeted his excitement over this purchase and invited Metaco and its CEO Adrien Treccani to join Ripple.
A Twitter user responded to that message from Garlinghouse by asking Ripple CTO David Schwartz for his thoughts on what led Ripple to purchase Metaco but not its rival PolySign, which may have been just as effective.
The two aforementioned businesses, in Schwartz’s opinion, are not really rivals. Technology supplier Metaco and cryptocurrency custodian Standard Custody are two different companies. Regarding PolySign, the CTO stated that a partnership between the two would not have worked well since “PolySign’s road map deals in a different direction from Ripple’s.” He said nothing more about that.
