Ripple Is Getting Closer To Big Banks, Metaco Partners With HSBC And BBVA

Ripple, through its subsidiary, Metaco, establishes partnerships with a number of banks. (Photo; Doc. Cryptoast)

JAKARTA - Ripple, one of the world's leading crypto companies, is increasingly showing its existence in the banking sector. Through its subsidiary, Metaco, Ripple has succeeded in collaborating with two giant banks, namely HSBC and BBVA. This partnership is expected to accelerate the adoption of XRP Ledger solutions and XRP tokens among major banks.

Metaco is a company that provides cryptocurrency services to banks and other financial institutions. Metaco was bought by Ripple for 250 million (Rp3.8 trillion) last May. This acquisition is part of Ripple's strategy to include its XRP Ledger solution into existing financial infrastructure.

This month, Metaco announced an important deal with HSBC, one of the largest banks in the world. Metaco will provide cryptocurrency storage services to HSBC, meaning HSBC can securely store, manage and transact with crypto assets. In addition, Metaco has also expanded its ties to BBVA, Switzerland's largest bank, which has been Metaco's client since 2019.

This deal is an important step that brings Ripple closer to major banks, which are still skeptical of the crypto world. Using the XRP Ledger solution, Ripple hopes to make money transfers between countries easier, faster, and cheaper. XRP Ledger is a blockchain protocol that supports XRP tokens, cryptocurrencies issued by Ripple.

Metaco CEO, Adrien Treccani, said that the relationship between Ripple and Metaco's offerings was not just wishful thinking, but there was an "indirect relationship." Treccani revealed that winning on the one hand had a positive impact on the XRPL protocol in the long term.

Treccani also leaked that the XRPL protocol allows Metaco to offer a series of crypto-based solutions to its clients in the banking world. One of the areas where XRPL is expected to be used in the tokenization process, a sector that is widely considered by big banks as the largest utilization of blockchain technology going forward.