Ripple, a blockchain company based in San Francisco, is expanding its presence in the digital asset custody sector through strategic initiatives. One such move is the recent posting of a job opportunity for an experienced enablement engineer in New York.
This development follows Ripple’s acquisition of Metaco, a firm that specializes in security-critical infrastructure for financial institutions, for $250 million in May of last year. Metaco, now a part of Ripple, has a history of developing scalable and integrated solutions for the digital asset ecosystem. Their clients include major names such as Citi, BNP Paribas, and the digital asset division of Societe Generale. Their focus is on delivering strong, scalable, and cohesive solutions.
The advertised position is centered around the Harmonize platform, which aims to facilitate client integration with Metaco’s offerings. This move reflects Ripple’s strategy to meet the increasing demand for reliable cryptocurrency custody services from institutional clients.
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 seeks to provide a secure and regulatory-compliant method for managing digital assets. This need is heightened by the growing regulatory attention on cryptocurrency businesses in the United States.
By leveraging Metaco’s technology, Ripple aims to provide a secure and compliant way for clients to manage their digital assets amidst increasing regulatory scrutiny. Ripple’s CEO, Brad Garlinghouse, has emphasized the importance of infrastructure development to address the inherent volatility of cryptocurrencies. The focus is on stability and regulatory compliance rather than immediate market gains.
In addition to the Metaco acquisition, Ripple announced plans on February 13 to acquire Standard Custody and Trust Company, a New York-based entity known for its digital asset services. This move is set to strengthen Ripple’s regulatory standing by adding critical trust charter and money transmitter licenses to its portfolio. Standard Custody, which secured a New York trust license in May 2021, is recognized for its custody and settlement services for digital assets.
Ripple continues to partner with major banks worldwide and seeks to enhance its regulatory credentials in the U.S., Singapore, the U.K., and Europe. The company aims to offer a comprehensive suite of services in the ever-evolving cryptocurrency market.
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