- The XRP community has been celebrating news that Metaco is working with UK-based banking giant HSBC.
- XRP is not only a preferred investment option for banks but is increasingly been sorted as an efficient, scalable, reliable liquidity option to service cross-border payments.
The XRP community, commonly referred to as the XRP Army, has been celebrating a recent collaboration between Metaco and banking giant HSBC. Metaco is a Swiss digital assets custody firm acquired by Ripple earlier this year. This investment was strategic for the U.S.-based fintech, giving it exposure to environments outside the U.S. and enabling it to offer a wider array of crypto products and services.
After just a few months since the acquisition, the custody firm has demonstrated its potential with some notable and strategic partnerships. A few months ago, CNF reported on BBVA Switzerland, a private Swiss bank confirmed that it would be bolstering its partnership with the firm. The bank announced that it had successfully migrated its digital assets operations to Metaco’s institutional-grade digital asset custody and orchestration platform, Harmonize™.
An even more significant collaboration has now been confirmed with one of the oldest and largest banks in the world. Established and headquartered in the UK, the HSBC bank has chosen Metaco as its custody tech partner. As the bank turns to tokenization and explores use cases for blockchain technology, Metaco has emerged as a strategic partner.
Although many in the XRP community believe the collaboration is a consequence of the Ripple acquisition, Adrien Treccani, the Swiss custody firm’s CEO has revealed that the firm has been in talks with HSBC for around 18 months. The CEO has further hailed this development as a win for Ripple and the XRP Ledger.
There is an indirect link, which is that the adoption of Ripple and Metaco’s solutions further promotes the adoption of the XRPL as a protocol,
Every success of Ripple the company is also a success for the XRP Ledger.
Ripple (XRP) Gaining Prominence with Banks
Ripple for the most part has been going after banks directly as it looks to onboard more institutions to its platform, offer financial infrastructure, and promote XRP. The XRP Ledger, utilizing the XRP token, offers banks and other financial providers an efficient, scalable, reliable liquidity option to service cross-border payments. Furthermore, Ripple is working with central banks to offer tokenization and utilize its Central Bank Digital Currency Platform which offers a comprehensive destination to build, launch and distribute CBDCs.
As CNF reported, Ripple’s XRP has gained traction as a major investment choice among global banks. According to a recent report, XRP accounts for a significant portion of the banking sector’s cryptocurrency engagements.
As Ripple and XRP continue to gain global adoption and recognition, demand for the token will radically rise with the value closely correlated. Ranked 5th by market cap, XRP is at the time of press trading at $0.601638 after a 4 percent drop in the last 24 hours.
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