Ripple Moves into Custody with Metaco Buy
Posted by Colin Lambert. Last updated: May 17, 2023
Ripple has moved into the digital assets custody space through the acquisition of Swiss-based custody and tokenisation firm Metaco in a deal worth $250 million. Under the terms of the deal Ripple will become the sole shareholder of Metaco, which will continue to operate as an independent brand and business unit led by founder and CEO Adrien Treccani.
The firms say they share strong crypto DNA, top-tier institutional customers, and a long history of working with regulated entities to create secure enterprise-grade solutions. With this acquisition, Ripple says it will expand its enterprise offerings, providing customers with the technology to custody, issue, and settle any type of tokenised asset. In turn, Metaco will be able to accelerate its growth trajectory through access to Ripple’s base of hundreds of customers, capital to address new demand, and resources to continue delivering on its commitment to banking and institutional clients.
“Through the strength of our balance sheet and financial position, Ripple will continue pressing our advantage in the areas critical to crypto infrastructure,” says Brad Garlinghouse, CEO of Ripple. “Bringing on Metaco is monumental for our growing product suite and expanding global footprint.”
Monica Long, president at Ripple, adds, “As the go-to provider for traditional finance companies looking to integrate crypto and blockchain solutions, Ripple is uniquely positioned to address the growing institutional crypto custody market, expected to reach nearly $10T by 2030. Custody is a key facet of the infrastructure required for enterprise crypto services. Adding these capabilities to Ripple’s already growing product solutions means we can continue to support customers as they look to utilise crypto and blockchain for real-world use cases across all phases of adoption.”