Ripple and its subsidiary custodian Metaco have won the FinTech Breakthrough Award
They have named the best cross-border payment and DeFi infrastructure platforms
19.03.2024 - 14:12
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4 min
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What’s new? Crypto fintech company Ripple Labs, which developed the payment protocol of the same name and the XRP token, has become the winner of the FinTech Breakthrough Award-2024 in two categories at once. Thus, Ripple was named the best platform for cross-border payments, and its subsidiary custodial platform Metaco, the best infrastructure platform in the field of decentralized finance (DeFi).
What else is known? Last month, Ripple announced increased interoperability of its XRPL blockchain for tokenized real-world asset (RWA) transactions by leveraging the GMP mechanism from Axelar’s 55+ network-enabled cross-chain protocol. It will facilitate cross-chain deployment of decentralized applications on XRPL. Ripple also announced plans to buy New York-licensed firm Standard Custody & Trust Co. This will expand the scope of the platform’s business that it is allowed to conduct in the United States.
The company is still in litigation with US securities regulator SEC over the status of XRP, officials believe institutional sales of the asset are an unregistered offering of securities.
Ripple CEO calls SEC a “hostile regulator”
Brad Garlinghouse noted that the company is considering going public outside the US
Along with this, Ripple is successfully developing business outside the US. At the end of last year, the company chose Ireland as its main hub for operations in the EU and was included by the local central bank in the register of virtual asset service providers.
Metaco, in turn, partnered with major British bank HSBC and the crypto division of Standard Chartered late last year. Also, tech giant IBM has partnered with Metaco to introduce an institutional cryptocurrency cold storage solution called Hyper Protect Offline Signing Orchestrator (OSO), which eliminates the need for manual transactions and introduces additional layers of protection such as multi-signature.
XRP’s daily spot trading volume grew by 100% in Q4 to reach $600 million
In a quarterly report, issuer Ripple called the past year a “banner” year for its history
The Ripple-issued token XRP ranks sixth in the overall cryptocurrency ranking with a capitalization of over $32,59 billion and is trading at $0,5942, having lost 1,3% overnight. At the same time, the growth over the last month amounted to 8%.
In addition to Ripple, HTX, and Coinbase also won the FinTech Breakthrough Award: in the categories of “Best Cryptocurrency Purchasing Site” and “Best Cryptocurrency Exchange” respectively.
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