Last Updated on May 17, 2023 by Bitfinsider
Ripple, based in San Francisco, announced an audacious $250 million acquisition of Swiss custody business Metaco today.
The deal signifies an expansion into providing crypto custody services for institutional investors for Ripple, an enterprise blockchain and payments specialist. According to today’s announcement, the business intends to begin providing users with tools to custody, issue, and settle tokenized assets.
The purchase, which was funded with a combination of cash and Ripple equity, will see Ripple become Metaco’s only shareholder, although the company will continue to function as an independent brand. Adrien Treccani, the company’s founder and CEO, will remain in charge.
“Metaco is a proven leader in institutional digital asset custody, with an exceptional executive bench and a truly unmatched customer track record,” stated Ripple CEO Brad Garlinghouse in a statement. “Bringing on Metaco is monumental for our growing product suite and expanding global footprint.”
Metaco, which was founded in Switzerland in 2015, has a diverse clientele that includes worldwide custodians, significant banks, financial institutions, and other corporations. Harmonize, the company’s key crypto custody platform, assists investors in managing custody, trading, tokenization, staking, and smart contract administration across the DeFi ecosystem.
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