Ripple, the firm behind XRP Ledger, has acquired Metaco, a Switzerland-based crypto infrastructure provider that focuses on institutional custody and tokenization of digital assets. For Ripple, this is a milestone as it expands its ecosystem to include custody solutions, increases its customer reach, and improves its product strategy. Additionally, the acquisition will boost Metaco’s market.
According to Adrien Treccani, CEO and founder of Metaco, the company plans to leverage Ripple’s market strength and scale to achieve its ecosystem objectives.
Metaco was founded in 2015 and its core product is Harmonize, a platform that allows for the comprehensive handling of digital assets. Metaco has been connecting institutional clients to decentralized finance and Web3 applications. Clients on the platform include banks such as Citi, DBS, and BBVA.
By acquiring Metaco, Ripple will expand its digital asset offering for banks while also gaining access to Metaco’s established customer base and capital.
According to Ripple’s President, Monica Long, the institutional crypto custody industry will reach an astounding $10 trillion by 2030, and Ripple sees itself as uniquely qualified to lead the way. By weaving these capabilities into its product solutions, Ripple will enable its customers to harness the power of blockchain technology to unlock real-world applications.
Brad Garlinghouse, one of the co-founders of Ripple and its oft-referred-to President, has expressed that Ripple intends to press their advantage in critical areas of the crypto infrastructure. With a strong financial position and balance sheet, Ripple is well-equipped to do so. The addition of Metaco to their burgeoning product suite and expanding global footprint is a truly monumental step forward.
Metaco’s technology solutions are currently offered across many countries across the globe, including Switzerland, Germany, Turkey, France, the United Kingdom, the United States, Singapore, Australia, Hong Kong, and the Philippines, among others.
To that end, Metaco will continue to run independently as a brand and business unit under the firm leadership of Adrien Treccani, Founder, and CEO, even as Ripple assumes sole shareholder responsibilities.
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