Just-In: Ripple-Owned Metaco To Govern Custody For Crypto Giant BCB Group

Metaco, the crypto custody firm owned by Ripple, on Tuesday said BCB Group has moved its digital asset custody operations to Metaco’s flagship custody platform.

BCB Group is a leading provider of payments accounts and trading services for the digital asset economy. It serves institutional clients by offering business accounts, cryptocurrency, and foreign exchange market liquidity for some renowned crypto exchanges and firms including Bitstamp, Crypto.com, Gemini, Kraken, Galaxy Digital, and others.

BCB Group Migrates Digital Asset Custody to Metaco

In a press release on April 9, BCB Group announced migrating governance of its digital asset custody operations from a third-party digital asset custody provider to Ripple-owned digital custody platform Metaco. The major decision was made to achieve the highest standards of compliance, security, and agility.

BCB Group has now consolidated its custody technology operations to a single custody platform. This will allow BCB to scale its commercial offerings.

BCB Group uses IBM Cloud Hyper Protect Crypto Services. With Metaco’s custody platform, the improved infrastructure will offer institutions to deliver optimized performance, improved resource use, and build a tamper-proof, trusted execution environment for digital asset transactions. This ensures end-to-end security via data encryption and isolation of customer environments.

“Our collaboration with Ripple, Metaco and IBM Cloud is a paramount step in that direction, as it enables BCB Group to continue delivering superior top tier services to the digital asset ecosystem, in a seamless, secure and affordable way,” said BCB Group Co-founder and CEO, Oliver Tonkin.

He added the new improved infrastructure will help get the E-Money Institution and Digital Assets Services Provider license from France’s ACPR and the AMF.

Also Read: Coinbase CLO Calls For Stablecoin Legislation Ahead Crypto Illicit Finance Hearing

Ripple on the Strategic Development

Aaron Sears, SVP of Global Partner and Customer Success at Ripple, said the company is excited to collaborate with BCB Group for its aim to scale digital asset services for clients, while maintaining superior regulatory compliance and security standards.

He added that Metaco’s secure and versatile custody infrastructure helps businesses scale in the digital asset economy while fully complying with existing or yet-to-come regulatory requirements globally.

Ripple acquired Swiss crypto custody firm Metaco for $250 million last May to expand its reach. Since then a number of financial services providers including Standard Chartered’s Zodia Custody.

Also Read: Experts Predict Bitcoin Price Crash If BTC Repeats This Pattern