Metaco, a Switzerland-based institutional crypto custody service provider, has made another play to extend its influence within the industry, setting up Ripple Labs’ dominance in the broader digital currency ecosystem. The firm commented directly on a report from Bloomberg that detailed the emergence of new crypto trading venue Rulematch, targeting banks.
According to the report, the new crypto platform was established by former Credit Suisse executive David Riegelnig, and it is specifically targeting banks and financial institutions outside of the United States. The platform has pulled off about $14 million in funding thus far, with personalities like Joseph Lubin of ConsenSys among its backers.
With Bitcoin (BTC) and Ethereum (ETH) trading already started on the platform, the need for a trusted custodian becomes necessary. This is where Metaco comes in, and per its comment, Rulematch’s operations are powered by Ripple’s subsidiary high-tech solutions.
While the details of the Metaco deal with Rulematch remain unknown, the prospect of the custodial service is high considering the ongoing shift into the nascent crypto ecosystem by big players from the traditional financial (TradFi) ecosystem. This positioning marks another move from the company to align itself with the future of crypto.
Metaco alliances growing
Metaco has been making many interesting moves to solidify its alliances in recent times, extending its support for more institutional investors through deals with big banks.
The firm recently partnered with Standard Chartered’s Zodia Custody to provide institutional-grade crypto custodial solutions. In addition, Metaco is in a strategic alliance with tech giant IBM, which marked the introduction of IBM Hyper Protect Offline Signing Orchestrator (OSO), a revolutionary technology designed to enhance digital asset storage for financial institutions.
As an umbrella firm of Ripple Labs, the tech integration from the bigger firm will also play a huge role in helping Metaco achieve its dreams and make the $250 million acquisition worthwhile.