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Standard Chartered-backed Zodia Custody partners with Ripple institutional network Metaco
The alliance between both companies would create bank-grade solutions for cryptocurrency custody.
2 min read
Updated: Dec. 4, 2023 at 11:52 am UTC
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Standard Chartered-backed Zodia Custody has integrated with Ripple-owned Metaco to streamline institutional crypto custody services, according to a Dec. 4 statement.
The integration allows institutions to access Zodia Custody’s high-security solutions through Metaco’s platform. Institutions can leverage both platforms to enhance security measures, risk management, and solvency protection.
The announcement stated that institutions connected to Metaco’s network, serving as an initial use case for sub-custody networks, can now leverage Zodia Custody’s bank-grade solutions. This includes access to off-exchange settlement services like Interchange.
“This collaboration strengthens the global digital asset infrastructure by improving connectivity to the foundational Layers 0 and 1 on the blockchain — creating a robust settlement network built on blockchain rails,” Zodia said.
Zodia Custody stated that the collaboration is part of its plan to become the most connected custodian in the digital asset ecosystem. The partnership also furthers its plans to develop and launch its network during the fourth quarter of this year.
James Harris, Zodia Custody’s chief commercial officer, described the move as an “important step” to “building [a] truly rigorous digital asset infrastructure, globally.” He added that the company is “focused on expanding the options available to our clients via our financial network, thus ensuring Zodia Custody can become a truly comprehensive digital asset solutions provider.”
Additionally, Zodia Custody said the collaboration is further evidence of its commitment to keeping its client assets safe at rest and in transit across the Interchange network. This includes trades connected to exchanges, transferred assets to institutions aligned on KYC and AML practices, and used as collateral in protocols to meet regulatory requirements.
Adrien Treccani, the founder and CEO of Metaco, added:
“As the industry undergoes a pivotal transformation, our networked infrastructure is dedicated to standardise, govern and connect institutional digital asset flows — an essential step in forging use cases that transcend individual companies.”
Since its launch in 2020, Zodia Custody has experienced significant growth, expanding its operations into Hong Kong and Singapore, following earlier expansions into Japan and Australia.
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The XRP Ledger is a decentralized cryptographic ledger powered by a network of peer-to-peer servers.
Metaco
Metaco is a Swiss-based company that specializes in providing institutional-grade digital asset infrastructure solutions for financial institutions that was founded in 2015 and was acquired by Ripple in $250M deal in May 2023.
Ripple
Ripple is a US-based technology company which develops the Ripple payment protocol and exchange network using XRP, the digital asset native to the XRP Ledger.