Zodia Custody by Standard Chartered Joins Ripple’s Metaco Network – Bullish Signals for XRP Price?

Zodia Custody, an institution-first digital asset custodian registered with the FCA, has officially joined the network of Metaco, an institutional-grade custody firm owned by Ripple. This collaboration holds significant importance, particularly against the backdrop of recent ownership changes within Metaco and the increasing demand for secure crypto storage and settlement solutions amid growing regulatory considerations.

Zodia Custody by Standard Chartered Joins Ripple’s Metaco Network – Bullish Signals for XRP Price?

Zodia Custody’s integration into Metaco’s global crypto storage network offers institutions a seamless and secure pathway to access crypto storage and settlement services. Julian Sawyer, the CEO of Zodia Custody, highlighted the widespread adoption of Metaco’s services by global banks such as Societe Generale, BNP Paribas, and BBVA. This positions the firm as a trusted entity for safeguarding and managing crypto assets on behalf of institutions.

It’s worth noting that Zodia Custody had previously collaborated with Metaco on institutional crypto custody solutions. Although Standard Chartered’s investment and ventures arm SC Ventures previously held a stake in Metaco, it divested its interest in May of this year. Ripple, on the other hand, announced its acquisition of Metaco for $250 million in the same month.

The integration with Metaco’s network not only facilitates global sub-custody but also provides a crucial service where an institution contracts another custodian to hold assets on its behalf. Julian Sawyer emphasized the importance of multiple networks in linking custodians together and connecting them to exchanges and venues in compliance with regulatory standards. This approach ensures a robust and compliant framework for the secure management of crypto assets on a global scale.