• Ripple purchased Metaco in May for $250 million, citing a need for crypto custody services.
• Citigroup is reportedly reconsidering its partnership with Metaco, though it’s not clear if this is due to Ripple.
• XRP is trading at $0.48, with little price change in the last 24 hours.
Ripple Acquires Metaco
In May of 2023, Ripple acquired Swiss fintech company Metaco for $250 million. According to Ripple, research suggests that blue-chip investors plan to heavily incorporate crypto custody services into their business models within the next three years and that Metaco would let their institutional clients custody, issue and settle tokenized assets.
Citigroup Reconsiders Partnership
A new report by Bloomberg says that financial services titan Citigroup is reconsidering its partnership with Swiss fintech company Metaco – the company that Ripple bought earlier this year. Sources familiar have said that it’s not yet clear if the bank’s review of Metaco is associated with Ripple Labs acquiring it or not.
XRP Price Performance
At time of writing, XRP is trading at $0.48, a fractional decrease in the last 24 hours. This shows a stagnant price performance as speculation continues about Citigroup’s review of its partnership with Metaco and how it might be linked to Ripple’s acquisition of the firm earlier this year.
Research on Crypto Custody Services
Custody services are an important part of enterprise crypto services according to research conducted by Ripple which suggested that most global finance leaders at financial institutions and enterprises plan to use crypto custody solutions in their businesses within the next three years – primarily through a third-party provider like Metaco which offers tokenization services so users can create digital representations of real-life assets on blockchains..
The news of Citigroup reconsidering its partnership with Metaoco has had little impact on XRP prices so far but could potentially affect them depending on what decision they make regarding their relationship with Metaoco and whether or not it has anything to do with Ripple’s acquisition of them earlier this year.