Ripple Sets Sights on Expanding Crypto Custody, Unveils Job Opening at Metaco
Ripple, the blockchain company based in San Francisco, is expanding its presence in the digital asset custody industry through strategic initiatives, including a recent job posting for an experienced enablement engineer in New York.
This development follows Ripple’s acquisition of Metaco, a company specializing in security-critical infrastructure for financial institutions, for $250 million in May of the previous year.
Metaco, now a part of Ripple, has been at the forefront of developing scalable and integrated solutions for the digital asset ecosystem. Its clients include prominent names such as Citi, BNP Paribas, and the digital asset division of Societe Generale, with a focus on delivering robust, scalable, and cohesive solutions.
The newly advertised position is focused on the Harmonize platform, which aims to facilitate client integration with Metaco’s offerings. This move reflects Ripple’s strategy to meet the growing institutional demand for reliable cryptocurrency custody services.
Ripple’s acquisition of Metaco not only marks its entry into the custody sector but also serves as a strategic move to address the challenging regulatory environment of the crypto industry. Through this acquisition, Ripple aims to provide a secure and regulatory-compliant method for digital asset management, which is becoming increasingly important due to the regulatory scrutiny faced by cryptocurrency businesses in the United States.
By leveraging Metaco’s technology, Ripple aims to offer clients a secure and compliant way to manage their digital assets amidst growing regulatory attention in the U.S.
Ripple’s CEO, Brad Garlinghouse, has previously emphasized the importance of infrastructure development to tackle the inherent volatility of cryptocurrencies, with a focus on stability and regulatory compliance rather than immediate market gains.
In line with its commitment to regulatory compliance, Ripple announced plans on Feb. 13 to acquire Standard Custody and Trust Company, a New York-based entity known for its digital asset services. This acquisition will strengthen Ripple’s regulatory position by adding critical trust charter and money transmitter licenses to its portfolio.
Standard Custody, which obtained a New York trust license in May 2021, is well-known for its custody and settlement services for digital assets.
Ripple continues to collaborate with major banks worldwide and aims to enhance its regulatory credentials in the U.S., Singapore, the U.K., and Europe, with the goal of offering a comprehensive suite of services in the dynamic cryptocurrency market.
