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