Ripple-backed Metaco to Provide Custody Services to UK-based BCB Group

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The widespread use of Web3 projects and digital assets is strongly connected to the availability of trustworthy crypto custodians like Ripple Labs’ Metaco. Additionally, the tokenization of real-world assets (RWA) has experienced significant growth over the past year, spearheaded by prominent companies such as BlackRock Inc. (NYSE: BLK). In simpler terms, the increased acceptance of Web3 projects and digital assets is closely tied to the presence of dependable crypto storage solutions like Metaco, while the conversion of real-world assets into digital tokens (tokenization) has gained momentum thanks to industry leaders such as BlackRock.

Based on Coinspeaker’s previous reports, there is an influx of investment funds heading towards the cryptocurrency sector due to restored faith among investors over the past couple of months.

BCB Group Taps on Ripple’s Metaco

BCB Group, a leading crypto-dedicated payment service provider based in the United Kingdom, has announced a strategic partnership with Ripple Labs’ Metaco, a Switzerland-based company that helps enterprises securely build their digital asset operation. According to the announcement, BCB Group has successfully migrated its operations from a third-party custody provider and consolidated governance of its digital asset custody operations on Metaco’s flagship custody platform.

Oliver Tonkin, co-founder and CEO of BCB Group, emphasized that partnerships with Ripple’s Metaco and IBM Cloud are essential for enhancing their business functions. Additionally, BCB Group has been teaming up with prominent crypto companies including Bitstamp, Crypto.com, Gemini, and Kraken, to name a few.

“Working with Ripple, Metaco, and IBM Cloud is a significant move for BCB Group, enhancing our ability to provide excellent tier-one services to the digital asset community. This partnership ensures a smooth, secure, and cost-effective experience. Coincidentally, we are pending approval from the ACPR and AMF in France to function as an E-Money Institution and Digital Assets Services Provider. Once authorized, we will expand our institutional offerings within the European Economic Area.” – Tonkin explained.

Based on information from Aaron Sears, Ripple’s Senior Vice President of Global Partner and Customer Success, the collaboration with BCB Group will allow for smooth expansion of digital asset services while adhering to regulatory requirements.

“According to Sears, a reliable and adaptable system for safeguarding digital assets is essential for expanding businesses in the digital currency market. It’s important to be prepared to follow both current and future regulations in various parts of the world promptly.”

Market Picture

Global institutional investors’ persistent use of Ripple Labs’ offerings is a significant contribution to the XRP market’s liquidity and future expansion possibilities. Moreover, Ripple’s acquisition of Metaco brings in essential income through revenue generation, following the $250 million deal last year. Furthermore, Ripple Labs has enhanced its product line to draw more financial institutions by introducing solutions such as On-Demand Liquidity (ODL), the newly launched stablecoin, and the Automated Market Maker (AMM).

Over the last week, XRP‘s price has risen by nearly 5%, reaching approximately 61 cents during Tuesday’s trading. With a fully diluted valuation (FDV) of around $61 billion, this major altcoin is on the brink of an significant bull market. Based on current forecasts, many experts believe that the price of XRP will surge once the ongoing legal battle between the SEC and Ripple concludes in favor of Ripple.

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2024-04-09 15:42