Leading crypto solutions provider Ripple has acquired Metaco, a Swiss-based crypto custody provider, for $250 million as it diversifies into custody solutions as a way to bring in new revenue opportunities.
Ripple Buys Metaco
According to a press release, the acquisition would enable Ripple to expand its enterprise offerings and provide its users with the technology needed to custody, issue, and settle various tokenized assets. On the other hand, Metaco will gain access to Ripple’s established base of customers, capital for new demand, and resources to continue offering its services.
Brad Garlinghouse, CEO of Ripple, said: “Metaco is a proven leader in institutional digital asset custody with an exceptional executive bench and a truly unmatched customer track record. Through the strength of our balance sheet and financial position, Ripple will continue pressing our advantage in the areas critical to crypto infrastructure. Bringing on Metaco is monumental for our growing product suite and expanding global footprint.”
Ripple said the acquisition is a milestone in its business and product strategy, considering that it shares strong crypto DNA with Metaco, top-tier institutional customers, and authorization to create enterprise-grade solutions. Metaco’s products and services are offered across various countries, including the U.S., the U.K., Singapore, Switzerland, Australia, and Hong Kong.
“Our mission has always been to enable institutions to thrive in the digital asset economy with the help of our core infrastructure and expertise, and we are delighted to join forces with the team at Ripple, who share that passion. This deal will enable Metaco to leverage Ripple’s scale and market strength to reach our goals and deliver value to our clients at a faster pace,” said Adrien Treccani, Metaco’s founder and CEO.
Ripple Expands into Custody Solutions
Furthermore, the acquisition would make Ripple the sole shareholder of Metaco while the latter continues operating as an independent brand and business unit led by Treccani. Ripple believes the deal presents an opportunity to tap into the growing crypto custody pool that several big finance industry names have stepped into.
Ripple’s president Monica Long said working closely with Metaco has uniquely positioned Ripple for the growing institutional crypto custody market expected to reach $10 trillion by 2030.
