Ripple, the San Francisco-based blockchain company, is enhancing its presence in the digital asset custody sector through strategic moves, including a recent job posting for an experienced enablement engineer in New York.
This development follows Ripple’s acquisition of Metaco, a firm specializing in security-critical infrastructure for financial institutions, for $250 million in May of the previous year.
Metaco, now a part of Ripple, has been at the forefront of developing scalable and integrated solutions for the digital asset ecosystem. Its clientele includes notable names such as Citi, BNP Paribas, and the digital asset division of Societe Generale, with a focus on delivering sturdy, scalable, and cohesive solutions.
The newly advertised position is centered around the Harmonize platform, aiming to facilitate client integration with Metaco’s offerings, reflecting Ripple’s strategy to meet the increasing institutional demand for dependable cryptocurrency custody services.
Ripple’s purchase 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 digital asset management, a need 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 scrutiny from U.S. regulators.
Ripple’s CEO, Brad Garlinghouse, has previously articulated the importance of infrastructure development to address the inherent volatility of cryptocurrencies, with a focus on stability and regulatory compliance over immediate market gains.
Furthering its regulatory compliance capabilities, Ripple announced plans on Feb. 13 to acquire Standard Custody and Trust Company, a New York-based entity known for its digital asset services. The acquisition is set to bolster 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, aiming to offer a comprehensive suite of services in the dynamic cryptocurrency market.
