By
Svetlana Soroka
April 29th, 2024
The BCB Group provides crypto-related services to major web3-focused financial institutions such as Gemini, Kraken, and Crypto.com, among others.
The mass adoption of Web3 projects and digital assets is heavily pegged to the existence of reliable crypto custody firms like Ripple Labs’ Metaco. Furthermore, tokenization of real-world assets (RWA) has rapidly grown in the past year led by major firms such as BlackRock Inc (NYSE: BLK).
In accordance with Coinspeaker’s prior coverage, the cryptocurrency industry is about to receive more funding following renewed investor confidence in the past few months.
BCB Group Taps on Ripple’s Metaco
BCB Group, a leading crypto-dedicated payment service provider based in the United Kingdom, has announced a strategic partnership with Ripple Labs’ Metaco, a Switzerland-based company that helps enterprises securely build their digital asset operation. According to the announcement, BCB Group has successfully migrated its operations from a third-party custody provider and consolidated governance of its digital asset custody operations on Metaco’s flagship custody platform.
BCB Group co-founder and Chief Executive Officer, Oliver Tonkin, highlighted that The collaboration with Ripple’s Metaco and IBM Cloud will play a crucial role in strengthening its operations. Moreover, BCB Group has been working with top-tier crypto-related firms led by Bitstamp, Crypto.com, Gemini, and Kraken, among others.
“Our collaboration with Ripple, Metaco, and IBM Cloud is a paramount step in that direction, as it enables BCB Group to continue delivering superior top-tier services to the digital asset ecosystem, in a seamless, secure, and affordable way. This ties in perfectly with our pending authorization by the ACPR and the AMF respectively to act as an E-Money Institution and Digital Assets Services Provider in France, enabling us to deepen our institutional product offering within the EEA,” Tonkin noted.
According to Aaron Sears, the SVP of Global Partner and Customer Success at Ripple, the partnership with BCB Group will enable it to seamlessly scale digital asset services in a regulatory compliance environment.
“..A secure and versatile custody infrastructure is foundational to scaling business models in the digital asset economy while being able to promptly comply with existing or yet-to-come regulatory requirements across the globe,” Sears noted.
Market Picture
The continued adoption of Ripple Labs’ products by global institutional investors is a major boost to the XRP liquidity and future growth prospects. Furthermore, the continued adoption of Metaco provides much-needed revenue to Ripple, which acquired the firm for $250 million last year. Additionally, Ripple Labs has significantly improved its portfolio to attract more financial institutions to use its products including On-Demand Liquidity (ODL), the recently launched fiat-backed stablecoin, and the Automated Market Maker (AMM).
Meanwhile, XRP price has gained around 5 percent in the past seven days to trade at about 61 cents on Tuesday. The large-cap altcoin, with a fully diluted valuation (FDV) of about $61 billion, is on the precipice of a historical bull run. According to most analysts, XRP price will be liberated after the ongoing SEC vs Ripple case ends in favor of Ripple.