Ripple acquires crypto custody firm Metaco in $250M deal

Ripple has announced the acquisition of Metaco, making it the sole shareholder of the Swiss-based cryptocurrency custodian.

of $250 million The deal expands Ripple’s enterprise offerings for custody, issuance and payment services for digital assets.

metacho was founded in 2015 and already has a customer base of banks, cryptocurrency exchanges and fintech companies. The in-house Harmonize platform offers client integrations to access services such as staking and smart contract management, in addition to the core asset custody business.

Ripple x Metaco

according to ripple, The cryptocurrency custody market is projected to reach $10 trillion by 2030 due to the expected surge in demand for enterprise-grade digital asset infrastructure.

Ripple CEO Brad Garlinghouse The two companies already share common goals of developing enterprise utilities, adhering to regulatory compliance, and thinking globally, he said. As such, he believes the combination will provide “the best possible experience” for enterprise customers.

approve the thread girling house Alluding to the imminent end of winter for cryptocurrencies, he added that Ripple is now well-positioned to achieve its long-term vision.

Every day, we think about the long-term opportunity for cryptocurrency utility, pour money and spirit into that mission, and partner with those who share that vision.

Metaco founder and CEO Adrian Treccani said the partnership will allow the company to leverage Ripple’s “scale and market power” to better serve its customers. Stated.

“We look forward to continuing to meet the unprecedented level of institutional demand by meeting client expectations and providing the best possible service.”

Treccani The head of the company will remain and Metaco will continue to function as an independent brand.

XRP Leads Top 10

In a further boost for Ripple, an SEC trial judge has dismissed plaintiffs’ motion to seal internal documents relating to former director William Hinman.

A key part of Ripple’s defense strategy centers around Hinman’s green light on Bitcoin and Ethereum as non-securities and the assumption that XRP holds the same status in the absence of regulatory notice to the contrary. ing.

XRP rose late Tuesday night (BST) to record a peak gain of $0.4616 (8.5%) as the news filtered out. The bears have since turned down the price and found support at $0.4416.

An article about Ripple acquiring cryptocurrency custody firm Metaco in a $250 million deal first appeared on CryptoSlate.

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