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.
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.
To some extent, yes. They're not exact competitors because SC is a custodian and Metaco is a technology provider. A Ripple/PolySign deal wasn't as good a fit because PolySign's roadmap leads in a different direction from Ripple's.— David "JoelKatz" Schwartz (@JoelKatz) May 17, 2023