Ripple Subsidiary Wins Global Award for Digital Asset Initiative

Metaco, the digital asset custody and tokenization firm recently acquired by Ripple, bags a new honor at the Custody Asia Award.

Metaco, a Swiss-based digital asset custody and tokenization platform recently acquired by Ripple, announced that it had won a new global award for innovation. In a tweet today, Metaco said it won the Digital Asset Initiative of the Year at the recently-concluded Global Custodian’s Leaders in Custody Asia Award.

Notably, the award is in recognition of Metaco’s unique institutional digital asset services.

🎉 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 development suggests that Metaco has the necessary technology and expertise to bolster institutional adoption of digital assets, a move that will be of benefit to Ripple’s business line.

Several cryptocurrency proponents, especially members of the XRP community, took to the comment section to congratulate Metaco on the latest milestone. Interestingly, an XRP enthusiast asserted that Ripple made the right choice by acquiring the custody-focused company, considering its potential.

Metaco’s recognition comes weeks after it was named the Best Innovation in Digital Assets at the 2023 Global Custodian’s Leaders in Custody Awards.

Ripple’s Metaco Acquisition

As reported earlier by The Crypto Basic, Ripple announced its foray into the crypto custody business following the acquisition of Metaco for a whopping $250 million on May 17.

Notably, Metaco offers institutional cryptocurrency custody and trading services, and some of its clients include BNP Paribas, Citi, and Societe Generale. Despite Ripple’s acquisition of Metaco, the custody firm will remain an independent brand and business unit.

However, Ripple will be the sole shareholder of Metaco. A week after the deal, the leading stock exchange, NASDAQ, congratulated Ripple for the acquisition – a development that sparked speculations of a looming IPO.

Ripple Makes Major Progress Despite SEC Lawsuit

Meanwhile, Ripple has been making significant progress despite being embroiled in a multi-year legal battle against the United States Securities and Exchange Commission. Earlier this month, Ripple opened a new regional office in Dubai.

The company also launched a new central bank digital currency (CBDC) platform, allowing financial institutions, central banks, and governments to issue their own digital currencies. The tremendous growth of Ripple’s businesses shows that the ongoing SEC lawsuit does not demoralize the company.

Ripple believes the Judge will grant the summary judgment in its favor. However, if Judge Analisa Torres issues a summary judgment decision in favor of the SEC, the blockchain company has stated that it will immediately appeal the ruling.