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We're Starting to Grow Our XRP Custodian Business: PolySign CEO

Thu, 05/18/2023 - 13:40
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Yuri Molchan
PolySign chief Jack McDonald shared yesterday that he intends to look into ways of expanding company's XRP business
We're Starting to Grow Our XRP Custodian Business: PolySign CEO
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An XRP advocate has shared an extract with a recent video interview of CEO of PolySign and Standard Custody Jack McDonald speaking about XRP custody.

PolySign works in the same field of crypto custody as Metaco, the crypto custody company that Ripple acquired earlier this week. Ripple's CTO provided an official comment on the choice made by Ripple and why it did not pick PolySign.

XRP business to expand, but Bitcoin remains new clients' first choice

McDonald stated that PolySign is starting to grow its XRP custodian business, and he is going to look into ways to land new customers for this top 10 cryptocurrency. So far, according to him, the company's clients prefer to store their Bitcoin and Ethereum.

XRP "does not come top of mind" for them, McDonald shared, since these investors go for those assets that have a high market capitalization value. He also mentioned that there are customers who want to find a reliable custodian for their XRP.

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Ripple CTO comments on not choosing PolySign for partnership

As reported by U.Today on Wednesday, Ripple Labs crypto giant had inked an acquisition deal with Metaco, a Swiss provider of digital asset custodian services. This move by Ripple will enable Metaco to use Ripple's wide global customer base for offering crypto custody to financial institutions and banks.

Ripple chief Brad Garlinghouse expressed his enthusiasm in a recent tweet about this acquisition, welcoming Metaco and its CEO Adrien Treccani to join Ripple.

Under that tweet by Garlinghouse, a Twitter user asked for the opinion of Ripple CTO David Schwartz as to what influenced Ripple's choice to buy Metaco but not their rival PolySign, which may be equally good.

Schwartz responded that the two aforementioned companies are not exactly competitors. Metaco is a technology provider and Standard Custody, which is their subsidiary, is a crypto custodian. As for PolySign, the CTO wrote that a deal between Ripple and PolySign would not have been a good fit since "PolySign's road map deals in a different direction from Ripple's." He provided no further comment on that.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at