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Ripple Labs subsidiary and Swiss-based institutional crypto custody service provider Metaco has landed a new partner in Zodia Custody. According to the announcement from Metaco, Zodia Custody has integrated with its network to provide institutions with bank-grade custody solutions riding on its infrastructure.
This integration will help Metaco expand its dominance in the institutional crypto custody space.
While both firms were known partners before now, this new integration is a wholesome approach, which Metaco says "is designed to further build out networked options for institutional investors, enabling them to gain additional secure, reliable and compliant end-to-end digital asset service capabilities."
The partnership is a sign that crypto-native firms are repositioning themselves to meet the technical and institutional demand that might be ushered in with the likely approval of a Bitcoin spot Exchange Traded Fund (ETF) product by the United States Securities and Exchange Commission (SEC).
Zodia Custody already has the head start in the industry, considering its biggest shareholders include Standard Chartered, SBI Holdings and Northern Trust, all of which will play a central role in the future Bitcoin ETF being envisaged. As Metaco noted, the Zodia Custody integration will help both firms solidify their contributions to improving the settlement layers on Layer 0 and Layer 1 networks.
Subtle bullish twist for XRP
While not directly related to XRP, the digital currency is bound to be a major beneficiary of this integration and the other ones that the Ripple subsidiary has inked in the past.
XRP plays a key role in Ripple Labs' agenda to revolutionize cross-border payments, and there is a chance that the company’s partners and portfolio firms will align with its grand mission in the long term. With the fate of XRP independent of Ripple Labs’s success, the average investor still knows they are correlated.
At the time of writing, XRP is trading at a spot market price of $0.6222, up by 3% in the past 24 hours.