Geneva, Switzerland – In a strategic move to further enhance its position in the blockchain industry, Ripple, the leading global provider of enterprise blockchain solutions, announced today its acquisition of the Swiss-based crypto custody firm Metaco for a staggering $250 million. This acquisition not only strengthens Ripple’s market presence but also solidifies its commitment to … Read more
Geneva, Switzerland – In a strategic move to further enhance its position in the blockchain industry, Ripple, the leading global provider of enterprise blockchain solutions, announced today its acquisition of the Swiss-based crypto custody firm Metaco for a staggering $250 million. This acquisition not only strengthens Ripple’s market presence but also solidifies its commitment to fostering innovation and security within the digital asset ecosystem.
Ripple creates alliances and expands its offerings
Ripple, the creator of its namesake payments network and XRP token, announced on May 17 that it had acquired Metaco, a Swiss digital asset custodian and tokenization provider, for $250 million. Ripple predicts that the market for institutional crypto custody will reach $10 trillion by 2030. In addition, its research reveals that “the majority of global finance leaders at financial institutions” intend to implement crypto custody solutions within the next three years.
Metaco will dramatically accelerate its growth trajectory through access to Ripple’s established base of hundreds of customers, capital to address new demand, and resources to continue delivering on its commitment to banking and institutional clients.
Under the terms of the deal, Ripple will fully integrate Metaco’s advanced infrastructure and expertise into its existing suite of services, enabling clients to securely manage and store their digital assets. The acquisition of Metaco is poised to revolutionize the way crypto custodial solutions are perceived and used.
Metaco: Pioneers in blockchain custody solutions
Founded in 2015, Metaco quickly established itself as a leading player in the crypto custody space, offering cutting-edge solutions to safeguard digital assets. The company’s proprietary platform, SILO, combines robust security protocols with advanced encryption algorithms, ensuring the highest level of protection against cyber threats.
The CEO of Ripple, Brad Garlinghouse, stated that the two companies already share common objectives in terms of developing enterprise utility, regulatory compliance, and a global outlook. Consequently, he is confident that the partnership will provide “the best possible experience” for corporate clients.
Garlinghouse concluded the thread by alluding to the imminent end of crypto winter and stating that XRP is now well-positioned to realize its long-term vision.
This landmark acquisition places the crypto entity at the forefront of the evolving crypto custody landscape, strengthening its competitive advantage over other blockchain providers. By integrating Metaco’s expertise, Ripple aims to set new industry standards by establishing a secure and efficient custody solution for a wide range of digital assets, including cryptocurrencies, stablecoins, and non-fungible tokens (NFTs).
Metaco’s founder and chief executive officer, Adrien Treccani, stated that the deal would enable the company to leverage Ripple’s “scale and market strength,” allowing it to better serve its clients. Treccani will continue to lead the corporation, and Metaco will continue to operate as a separate brand.
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.
As Ripple continues to lead the charge in shaping the future of global finance, the acquisition of Metaco marks a significant milestone in the company’s journey. By combining forces, Ripple and Metaco have paved the way for unparalleled advancements in digital asset custody, streamlining operations and fostering increased trust in blockchain technology.
This acquisition not only strengthens XRP’s market position but also reaffirms its commitment to providing secure and efficient solutions that cater to the evolving needs of its clients.