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Banks Get Closer after Ripple-Metaco Deal, XRP Community Excited

The XRP community is excited at the increased growth prospects of the XRP blockchain since the RIpple-Metaco deal was sealed. 

Recall that Ripple announced a $250 million acquisition of Swiss crypto custody platform Metaco to broaden its remittance network and aid its expansion into institutional crypto custody. Since then, several banks and traditional financial institutions have opted for the platform’s services.

Earlier in November, Ripple announced its partnership with banking giant HSBC. Swiss bank, BBVA Switzerland also migrated its digital asset operations to Metaco’s custody platform.

These partnerships with banking clients were cheered on by XRP enthusiasts, who considered it an affirmation of the inherent value of the blockchain. They also believe it suggests an inevitable adoption of XRPL, and the XRP token is coming.

Correlating the Ripple-Metaco Deal with Bank Influx

Metaco CEO Adrien Treccani agrees that adopting Ripple and Metaco’s solutions increases the chances of adopting XRPL as a protocol.

“Every success of Ripple the company is also a success for the XRP Ledger,” he noted. Treccani believes the Ripple-Metaco deal will allow the building of a vertical stack that will include an infrastructure layer and a services layer. Also, he noted that Ripple can provide banks with the necessary infrastructure, token management, payment primitive, and liquidity management.

“Custody is the enabler. Custody is the necessary brick, so that, as a regulated institution, you can build on top of it and create a service that your clients will appreciate,” he stated. Treccani also asserted that the platform will ensure the infrastructure layer is separate from the services layer.

Banking Clients Pursue Clarification About the New Deal

Meanwhile, previous clients of Metaco have been pursuing clarification about how the deal with Ripple affects them. Treccani explained that post-acquisition discussions and client reassessments are part of the norm.

Further, Mr Treccani noted the firm had been in discussions with the banks.

“I think we have been successful. Going forward, you are going to see more tier-one bank partnerships,” Trecanni expects these partnerships to come from Europe, the US, APAC, and Africa.

At the time of writing, XRP was trading at $0.6 and was down by 2% in 24 hours despite bullish sentiments among its enthusiasts.

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Banks Get Closer after Ripple-Metaco Deal, XRP Community Excited