Ripple receives crypto custody support from a major British bank

Crypto custody company Metaco, owned by Ripple (XRP), welcomes a new partner to its digital asset storage network. Zodia Custody, a digital asset custodian backed by British bank Standard Chartered, is expanding the Metaco network.

Both companies focus on secure storage and custody of digital assets for institutions. The aim of this partnership is to increase the security and custody of digital assets for global companies.

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Metaco and Zodia Custody work on international asset custody

The connection between Metaco and Zodia Custody will operate internationally Sub-custody Network. This banking term means that an institution appoints a third-party custodian to manage and hold assets on its behalf.

Institutions in the Metaco network can use the secure storage and offer for over-the-counter transactions, called Interchange. Since the collapse of the crypto exchange FTX, such settlement networks have become increasingly popular.

Zodia Custody CEO: “Third Generation Crypto Custody”

Through this collaboration, Metaco and Zodia Custody want to ensure that financial institutions can operate with confidence. Julian Sawyer, CEO of Zodia Custody, described the partnership as a milestone in the evolution of crypto custody, emphasizing to Coindesk:

“I see this as the third generation of crypto custody, where multiple custodians are connected. For example, a client in Brazil who is a custodian may wish to hold some assets in the UK but is not currently in the UK. So they could use us as their sub-custodian and use our regulatory approvals and so on.”

Sawyer sees the collaboration with the Metaco network as a further development towards the third generation of crypto custody. He believes it gives global institutions the flexibility to manage each other’s assets and allows them to better meet specific client needs.

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Strategic move of acquiring Metaco from Ripple

Zodia Custody’s integration into Metaco’s network opens the door to greater collaboration between asset custodians, crypto exchanges and platforms. It helps global companies to collaborate effectively within the applicable rules in the financial sector.

The partnership between Metaco and Zodia Custody under the wings of Ripple gives a boost to the crypto industry. Large investors can therefore benefit from additional security measures and the ability to store their digital assets anywhere in the world.

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