- The partnership between DZ Bank and Ripple-backed Metaco was announced in mid-February but recently went live amid the fast-changing crypto regulatory landscape in Europe to ensure a sustainable adoption of crypto securities and digital currencies.
- The adoption of Ripple-backed products by a leading custody provider in Germany will help solidify XRP as the cross-border digital currency in the subsequent years.
DZ Bank, the third largest bank in Germany with over €300 billion in assets under management as of December 2022, has announced that Ripple Labs-backed enterprise tech company, Metaco, which is based in Switzerland, has significantly helped with the plan to go live with its digital asset custody platform for institutional clients.
According to a recent announcement, the BaFin-regulated financial institution has leveraged Metaco Harmonize’s infrastructure to merge traditional finance with the digital asset economy. Worth noting that the partnership between Metaco and DZ Bank was announced back on February 23 but the implementation has been slow due to the fast-changing crypto regulatory scope in the European market.
The DZ Bank officials admitted that the Metaco infrastructure offers an extensive proof-of-concept with top-notch security, which was the perfect selection to ensure scalability and optionality to the clients.
Moreover, DZ Bank intends to offer digital assets to institutional clients in a regulated manner amid the fast-changing regulatory scope fueled by the FTX and Terra Luna UST implosions that wiped out over $70 billion from the market. Metaco noted:
DZ Bank’s commitment to blockchain technology was evident from their involvement in custody transaction under the Electronic Securities Act (eWpG) and the issuance of a tokenized bond by Siemens, demonstrating their pioneering spirit in the digital asset space.
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What the XRP Community Reaps from the Partnership Between Metaco and DZ Bank
In May this year, Ripple acquired Metaco for about $250 million in a bid to secure its Europe market entrance with less friction after fighting with the United States Securities and Exchange Commission (SEC) for the past three years.
According to Ripple’s Chief Executive Officer Brad Garlinghouse on the Metaco acquisition, the future of the XRP community and crypto infrastructure for institutional clients is in great minds with blockchain technology at the focal point. Moreover, Metaco’s custodial tech solutions have been offered in different jurisdictions including Turkey, France, the United Kingdom, the United States, Singapore, Philipines, and Hong Kong, among others.
Consequently, more first-time crypto investors are expected to gain significant confidence in XRP after notable damages by the US SEC in the past few years. As of Monday, XRP price had gained about 13 percent in the past 24 hours to trade around 73 cents, almost breaking out of a macro triangular consolidation.
With an increased daily trading volume and improved market outlook, XRP price is well positioned to revisit its all-time high in the coming months, more so after a notable victory against the US SEC that saw the digital instrument relisted on different exchanges.
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