Get the scoop on finance - sign up for mobile alerts
Ripple and XRP
| On
July 3, 2023

XRP Stalls As Citigroup Reconsiders Partnership With Company Ripple Bought for $250,000,000: Report

By Mehron Rokhy

XRP is printing a stagnant price performance as a major bank reportedly reevaluates its partnership with a company Ripple purchased earlier this year for $250 million.

According to a new report by Bloomberg, anonymous sources familiar with the matter say that financial services titan Citigroup is reconsidering its partnership with Swiss fintech company Metaco.

ADVERTISEMENT

It has not been made clear yet if the bank’s review of Metaco is associated with Ripple Labs acquiring it, according to the report.

Ripple originally purchased Metaco in May, at the time citing research that suggested that blue-chip investors plan to heavily incorporate crypto custody services into their business models within the next three years.

As stated by Ripple,

“Custody is a key facet of the infrastructure required for enterprise crypto services, and recent research conducted by Ripple shows that most global finance leaders at financial institutions and enterprises have plans to use crypto custody solutions in their business within the next three years – primarily through a third-party provider.”

ADVERTISEMENT

Metaco, which offers tokenization services to create digital representations of real-life assets on blockchains, would ideally let Ripple’s institutional clients to custody, issue and settle tokenized assets.

At time of writing, XRP is trading at $0.48, a fractional decrease in the last 24 hours.

Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
&nbsp
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Pattern Trends