Ripple and its subsidiary custodian Metaco became FinTech Breakthrough Award winners
They are named the best cross-border payment platforms and DeFi infrastructure
The cryptocurrency fintech company Ripple Labs, which developed the payment protocol of the same name and the XRP token, became the winner of the FinTech Breakthrough Award-2024 in two nominations at once. Thus, Ripple was named the best platform for cross—border payments, and its subsidiary Metaco custodial platform was named the best infrastructure platform in the field of decentralized finance (DeFi).
Last month, Ripple announced an increase in the interoperability of its XRPL blockchain for operations with tokenized real assets (RWA) by using the GMP mechanism from the Axelar cross-chain protocol with support for more than 55 networks. It will facilitate the inter-network deployment of decentralized applications on XRPL. Ripple also announced plans to purchase the New York-licensed firm Standard Custody & Trust Co. This will expand the scope of the platform's activities, which it is allowed to conduct in the United States.
The company is continuing legal proceedings with the US securities regulator SEC regarding the status of XRP — according to officials, institutional asset sales are an unregistered securities offering.
At the same time, Ripple is successfully developing its business outside the United States. At the end of last year, the company chose Ireland as its main hub for work in the EU and was included by the local central bank in the register of virtual asset service providers.
In turn, Metaco at the end of last year entered into a partnership with the largest British bank HSBC and the crypto division of Standard Chartered bank. Also, the tech giant IBM, together with Metaco, introduced an institutional solution for cold storage of cryptocurrencies called Hyper Protect Offline Signing Orchestrator (OSO), which eliminates the need for manual transactions and introduces additional levels of protection, such as multi-signature.
