Ripple acquires crypto custody firm Metaco in $250M deal News โธ XRP โธ Technology
Ripple acquires crypto custody firm Metaco in $250M deal
Ripple and Metaco team up to expand enterprise-grade crypto custody offerings.
2 min read
Updated: Jul. 3, 2023 at 5:07 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Ripple has announced the acquisition of Metaco – making it the sole shareholder of the Swiss-based crypto custody firm.
The $250 million deal will expand Ripple’s enterprise offerings for digital asset custody, issuance, and settlement services.
Metaco was founded in 2015 and already has a client base of banks, crypto exchanges, and fintech firms. Its in-house Harmonize platform provides client integration to access services, including staking and smart contract management, on top of its core asset custody business.
Ripple X Metaco
According to Ripple, the crypto custody market is predicted to hit $10 trillion by 2030 – driven by an expected surge in demand for enterprise-grade digital asset infrastructure.
Ripple CEO Brad Garlinghouse said both firms already share common goals in developing enterprise utility, adherence to regulatory compliance, and a global mindset. With that, he is confident that the pairing can deliver “the best possible experience” for corporate clients.
Signing off the thread, Garlinghouse alluded to the imminent end of crypto winter, adding that Ripple is now well-placed to achieve its long-term vision.
“Every day weโre thinking about the long-term opportunity of crypto utility, putting our money/minds behind that mission, and partnering with folks who share that vision.“
Metaco founder and CEO Adrien Treccani said the deal would allow the company to leverage Ripple’s “scale and market strength,” – enabling it to serve its clients better.
“We look forward to continuing to serve unprecedented levels of institutional demand with the utmost excellence in delivery, as our clients have come to expect.”
Treccani will remain the company head, with Metaco continuing to function as a standalone brand.
XRP leads the top 10
In a further boost to Ripple, the SEC lawsuit judge denied the plaintiff’s motion to seal internal documents related to former Director William Hinman.
A critical part of Ripple’s defense strategy centers on Hinman greenlighting Bitcoin and Ethereum as non-securities and the assumption that XRP holds the same status due to the lack of regulatory notice to the contrary.
As the news filtered out, XRP moved higher late Tuesday evening (BST) – posting peak gains at $0.4616, or 8.5%. Bears have since dipped the price, with $0.4416 providing support.
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Samuel Wan
Samuel Wan, a finance professional turned full-time crypto content creator, values individual autonomy and personal freedom in his pursuits.
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In this article
Theย XRP Ledgerย is a decentralized cryptographic ledger powered by a network of peer-to-peer servers.
Ripple
Ripple is a US-based technology company which develops the Ripple payment protocol and exchange network using XRP, the digital asset native to the XRP Ledger.
Metaco
Metaco is a Swiss-based company that specializes in providing institutional-grade digital asset infrastructure solutions for financial institutions that was founded in 2015 and was acquired by Ripple in $250M deal in May 2023.
Brad Garlinghouse stands at the forefront of financial technology as the CEO of Ripple.