What is Ripple’s plan for XRP after acquiring $250M+ in companies?
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Ripple has acquired more than $250 million worth of companies. Austin King, co-founder of Omni network, who sold his company to Ripple, believes the firm is working towards increasing XRP’s presence in global banking. He added that Ripple made the acquisitions with tokenizations and how banks will use blockchain in the future in mind. Austin King believes Ripple acquired Metaco to develop its custody services to banks Austin King explained what he believes to be Ripple’s strategy in making some of its acquisitions on X. He claimed that Ripple mainly tried to expand into tokenizing crypto assets for banks with its latest acquisitions. King says Ripple bought Metaco, a custody services provider, allowing banks to offer their customers crypto products through its custody services. Financial institutions like Citi, HSBC, and BNP Paribas are already using the platform’s services. With the Standard Custody acquisition in February 2024, banks can tokenize assets on the XRP ledger. King believes this acquisition will help Ripple offer tokenization services to banks and possibly have more tokenized assets. He said: RLUSD is just Ripple’s first tokenized asset, soon, Ripple will begin to offer tokenization as a service to banks. Next, they will expand those tokenized assets across the entire onchain economy. Austin King He also commented on selling his first company to Ripple, saying his firm at the time focused on interoperability. He even offered to help the XRP ledger broaden the bank’s tokenized assets across all blockchain networks with his current company, Omni. King says XRP could earn a lot more from tokenization fees King believes Ripple aims to make the XRP ledger the global tokenization center across banks. He argued that the XRP ledger would become a tokenization hub, allowing for the transfer of assets across multiple chains and offering cross-chain interoperability. He also…
Filed under: News - @ January 14, 2025 6:18 pm