XRP is printing stagnant price performance as a major bank reportedly re-evaluates its partnership with a company that bought Ripple for $250 million earlier this year.
According to a new report from Bloomberg, anonymous sources familiar with the matter say financial services titan is Citigroup reconsider his partnership with Swiss fintech company Metaco.
It has not yet been clarified whether the bank’s assessment of Metaco is related to the acquisition by Ripple Labs, the report said.
Ripple originally bought Metaco in May, citing research at the time that suggested blue-chip investors plan to heavily incorporate crypto custody services into their business models within the next three years.
As mentioned by Ripple,
“Custody is an important facet of the infrastructure required for corporate crypto services, and recent research conducted by Ripple shows that most global finance leaders at financial institutions and enterprises have plans to deploy crypto custody solutions in their businesses within the next three years – mainly by an external provider.”
Metaco, which offers tokenization services to create digital representations of real-life assets on blockchains, would ideally enable Ripple’s institutional clients to hold, spend and settle tokenized assets.
At the time of writing, XRP is trading at $0.48, a fractional drop over the past 24 hours.
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