This month, Swiss cryptocurrency platform Metaco was acquired by blockchain payments company Ripple Labs Inc. Metaco was created as a supplier of institutional custody services. The subsidiary just won a global award for innovation, so the acquisition is already looking promising.
The Digital Asset Initiative of the Year Award was given to Metaco at last week’s Global Custodian’s Leaders in Custody Asia Awards, as the company informed through its official Twitter account. The company said that the honour was given in celebration of the distinctive institutional digital asset services that several illustrious institutions were able to introduce to the market thanks to its technology.
The acknowledgement given to Metaco shows that the company has a system that has been approved to facilitate the widespread adoption of digital assets by institutions and that Ripple Labs can expand on. The Metaco brand and its recognition will be helpful to aid Ripple’s worldwide expansionary effort in Europe and around the world given the present legal battle it is engaged in with the United States Securities and Exchange Commission (SEC).
Several titles that can be summed up in just a few words have been used by industry stakeholders to respond to the news of the award: Ripple Chose Right.
Merging complementary technologies
One of the top companies in the world with cutting-edge platforms for cross-border payment solutions is Ripple Labs. While Metaco has established itself as a leading custodian and trader of institutional assets, Ripple Labs may undoubtedly demonstrate leadership through its cutting-edge RippleNet platform and On-Demand Liquidity (ODL) service.
In addition to the Metaco purchase, Ripple has taken many other risky steps to broaden the scope of its operations. For example, it has developed a new platform that will allow central banks all over the globe to build their own national stablecoins, often known as Central Bank Digital Currencies (CBDCs).
