u.today
Earlier this month, blockchain payments firm Ripple Labs Inc announced its acquisition of Swiss crypto platform designed as an institutional custody service provider, Metaco. The acquisition is already shaping up to be a promising one as the subsidiary just landed a global award for innovation.
As revealed by Metaco through its official Twitter account, it bagged the Digital Asset Initiative of the Year Award at last week's Global Custodian's Leaders in Custody Asia Awards. The firm said the award was in recognition of the unique institutional digital asset services its technology enabled a number of flagship institutions to launch on the market.
🎉 We've done it again! Metaco has won the 🏆 Digital Asset Initiative of the Year 🏆 at last week's @globalcustodian's Leaders in Custody Asia Awards, for the unique institutional digital asset services our technology enabled flagship institutions to launch in the market. pic.twitter.com/LY2uSfRdna
— Metaco (@metaco_sa) May 30, 2023
The recognition accorded Metaco is a sign that the firm has a technology certified to enable the mass adoption of digital assets by institutions, one that Ripple Labs can build on. With the current legal brawl Ripple is facing with the United States Securities and Exchange Commission (SEC), the Metaco brand and its recognition will come in handy to help its global expansionary drive in Europe and around the world.
Industry stakeholders have been commenting on the news of the award, with several captions that are summed up in a few words — Ripple Chose Right.
Merging complementary technologies
Ripple Labs is also one of the leading firms with novel digital currency platforms for cross border payment solutions in the world. While Metaco has carved a niche for itself as an advanced institutional asset custodian and trading firm, Ripple Labs can definitely show leadership through its state of the RippleNet platform and On-Demand Liquidity (ODL) service.
Besides the Metaco acquisition, Ripple has even made several bold moves to expand its business reach, and it has created a new platform that can enable central banks around the world to develop their national stablecoins, otherwise dubbed Central Bank Digital Currencies (CBDCs).