Standard Chartered’s Zodia Custody Joins Ripple’s Metaco Network, XRP Price To Rally?
Zodia Custody, an FCA-registered institution-first digital asset custodian by Standard Chartered and Northern Trust, has joined Ripple-owned institutional-grade custody firm Metaco’s network. This marks a significant development amid recent changes in Metaco’s ownership and weighted demand for crypto storage and settlement networks amid regulatory concerns.
Zodia Custody Joins Metaco’s Crypto Storage & Settlement Network
Zodia Custody has now joined Metaco’s global crypto storage network. The new custody solution gives institutions easy access to crypto storage and settlement, with complete security.
Julian Sawyer, CEO of Zodia Custody, Metaco has seen global banks such as Societe Generale, BNP Paribas, and BBVA. This allows the firm to have them safeguard and manage crypto assets for institutions.
Zodia Custody had an earlier collaboration with Metaco for institutional crypto custody solutions. Standard Chartered’s investment and ventures arm SC Ventures also had a stake in Metaco but it sold its stake in May this year. Ripple announced the acquisition of Metaco for $250 million in May itself.
The integration with Metaco’s network offers global sub-custody, a service when an institution contracts another custodian to hold assets for it.
“For example, a client in Brazil, who is a custodian, may want to store some assets in the UK, and they’re not currently in the UK. So they could use us as their sub-custodian and use our regulatory permissions, etc. I think the multiple networks that are out there are really key in terms of linking custodians together, and linking custodians to exchanges and venues in a compliant manner,” said Sawyer.
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XRP Price to Rally
The move comes amid a joint venture by SC Ventures and SBI Holdings. It aims to leverage SC Ventures’ experience in digital assets through ventures such as Zodia Custody and Zodia Markets, and through our investments in fintechs like Ripple and Metaco.
XRP price jumped 3% in the past 24 hours, with the price currently trading at $0.63. The 24-hour low and high are $0.618 and $0.634, respectively. Furthermore, the trading volume has increased by 100% in the last 24 hours, indicating interest among traders.
The price to upswing amid a broader market rally and mainstream adoption of XRP in several applications including cross-border transactions.
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