Ripple acquired the Swiss blockchain company Metaco for $250 million back in May 2023, which was its first entry into the asset tokenization market.
At the time, the acquisition was announced by Ripple, which clarified its plans: the company said it expected the deal to help it expand its corporate offerings, especially in international markets.
At the time, Ripple said it expects Metaco to significantly accelerate its growth by gaining access to Ripple's customer base, capital, and resources that will allow it to "continue to fulfill its obligations to banking and institutional clients."
In December, the custodian of digital assets, Zodia Custody, supported by Standard Chartered Bank, integrated global cryptocurrency storage services of the Metaco network. The strategic partnership is aimed at providing global subcastodial services for cryptocurrencies.
This means that Metaco will store the client's funds and provide the means to manage them, including initiating transfers through the web interface.
In November, it was reported that Metaco was cooperating with HSBC, as reported by Ian Ellison. Metaco's collaboration with British banking giant HSBC has given Ripple XRP Ledger supporters hope that other banks will adopt the registry protocol and the XRP token.