Ripple-Ally Metaco To Provide Custody Service To BCB Group

Metaco, the Swiss crypto custody firm acquired by Ripple, says the London-based crypto payments firm, BCB Group has transferred its digital assets custody operations to its flagship platform.

Leveraging Metaco’s Custody Infrastructure

Ripple Labs Inc. acquired Metaco in May 2023, in a deal valued at $250 million which positions Ripple as the exclusive owner of the Swiss crypto custodian. In February this year, went ahead with the acquisition of Standard Custody & Trust Company, an American digital asset custody provider.

The move by BCB Group to migrate its custody operations from a third-party digital asset technology provider to Metaco’s platform is targeted at leveraging Metaco’s robust custody infrastructure. The collaboration will see BCB Group streamline its technological network and enhance the security and governance of its digital asset operations.

Implications for BCB Group and Metaco

Oliver Tonkin, co-founder and CEO of BCB Group, expressed enthusiasm about the collaboration and emphasized the company remains committed to enabling global financial systems. He maintains that superior services will continue to be delivered in the digital asset ecosystem in a seamless, secure, and cost-effective manner with the partnership. Tonkin mentions the partnership with Ripple, Metaco, and IBM Cloud as a pivotal step towards achieving it.

After Ripple acquired Metaco for $250 million in May of 2023, its Chief Executive Officer, Adrien Treccani, exited without much reasons provided to the public after serving in the firm he founded for over eight years. Analysts attributed his exit to the possibility of a shift in the company’s direction.

Impact and Future Prospects for Clients

The BCB Group is renowned for providing payments and trading services to some of the world’s largest crypto institutions including Bitstamp which recently attained in-principle approval from the Monetary Authority of Singapore (MAS) to operate under the Major Payment Institute license. Others are Crypto.com, Gemini, and Kraken. Industry stakeholders believe the collaboration with Metaco will further solidify its position as a critical player in the crypto financial services sector.

Interestingly, since its acquisition by Ripple in 2023, Metaco has emerged as a preferred choice among European banking firms in need of support for digital asset custody. Thus, the collaboration between BCB Group and Metaco it is hoped will assist in meeting the needs of its clients’ base.