In the past week, the blockchain company Ripple announced a series of good news: it acquired Metaco, a digital asset custody and tokenization technology provider, became a company selected for the first round of the Hong Kong Monetary Authority's e-HKD pilot program, and launched its own CBDC platform.
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Acquire managed service provider, target new revenue opportunity
On May 17, Ripple announcedThrough a combination of cash and Ripple equity，Acquired Metaco for $250 million. Ripple will expand its enterprise offerings to provide customers with the technology to custody, issue and settle tokenized assets of any type.
Ripple said the acquisition will bring new revenue opportunities to the company and is in line with its strategy of expanding beyond the U.S. and its uncertain regulatory environment. Ripple believes it is uniquely positioned in the growing institutional crypto custody market, which is expected to reach $10 trillion by 2030.
It is reported that Metaco is headquartered in Switzerland, and its technology solutions are currently available in multiple jurisdictions, including Switzerland, Germany, Turkey, France, the United Kingdom, the United States, Singapore, Australia, Hong Kong and the Philippines.
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Selected for the first round of trials of the Digital Hong Kong Dollar Pilot Program and launched the Ripple CBDC platform
The day after the news of the latest acquisition was announced, on May 18, the Hong Kong Monetary Authority announced the launch ofDigital Hong Kong Dollar (e-HKD) Pilot Scheme, and announced the list of 16 companies selected for the first round of trials. Among them, Ripple Labs and Fubon Bank (Hong Kong) Co., Ltd. will conduct tokenized asset settlement trials.
As reported by Cointelegraphthe same day,
the same day,Ripple Announces Launch of Ripple CBDC Platformtext
The Ripple CBDC platform is designed to address a variety of use cases, including wholesale and retail CBDC on private ledgers or the issuance of stablecoins. The platform provides clients with ledger technology that enables issuers to manage the entire lifecycle of their fiat-based digital currencies (including minting, distribution, redemption and burning) in a secure manner utilizing XRP Ledger's built-in multi-signature capabilities.
The platform also allows financial institutions holding large amounts of digital currency to manage and participate in inter-institutional settlement and distribution functions. Additionally, users of these digital currencies, such as businesses and retail end-users, will be able to safely hold their digital currencies and pay for and receive payments for goods and services in the same manner as other payment and banking applications, including offline transactions and non-smartphone use cases.
However,
However,Whether its CBDC platform uses the XRP token sparked debate in the community.Ripple CTO David SchwartzConfirming that the company’s CBDC platform uses the same core technology as XRP Ledger (XRPL), “it has the ability to interact with XRPL and can use XRP as a bridge currency for cross-currency and cross-border payments.”
However, offering this option does not equate to central banks using XRPL and XRP in their day-to-day CBDC platform operations. Whether central banks will choose to use it remains to be seen.
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Focus on global expansion and slow down the pace of listing
In fact, Ripple is not a recent focus on building global partnerships. Ripple is currently working withMore than 20 countries collaborate on CBDC plans。
It’s not the first day Ripple is looking to expand beyond the U.S., either. Ripple spends $200 million forU.S. SEC's lawsuit against it filed in 2020In defense, the debate centers on whether XRP tokens are securities.
Ripple CEO Brad Garlinghouse has also frequently complained about regulatory issues in the United States in public. he recentlyIn an interview with CNBC, he said, U.S. regulatory ambiguity will drive more encryption companies to leave the U.S., and Europe will become an important beneficiary region.
Garlinghouse noted that companies like Ripple want to hire and invest in other countries. 95% of Ripple's customers are from outside the United States, and most of Ripple's hiring this year will be outside the United States.
Ripple recently announcedis expanding its presence in Dubai, which chose Dubai as Ripple's main office, was primarily driven by Middle East consumer base and regulatory developments, due to local regulatory clarity and an already growing user base.
In addition, regarding Ripple's listing plans, Garlinghouse said, "There is no rush to go public, there is no need to raise more funds." He added, "So if we consider (listing), that would be a reasonable time and place. We don't Will do it unless we feel it really improves the ability to grow the business and the customer experience.”
