Ripple has announced the acquisition of Metaco, a Swiss-based cryptocurrency custody firm, for $250 million in cash and a portion of Ripple shares. This strategic move will allow Ripple to expand its range of services in storing, issuing, and trading tokenized assets.
“Metaco is a proven leader in the field of institutional digital asset custody, boasting an exceptional management team and a unique customer track record.”Brad Garlinghouse, CEO of Ripple
Recently, factors such as the collapses of major crypto companies and freezing of withdrawal transactions by crypto platforms have made investors more cautious about where their crypto assets are securely stored. Brad Garlinghouse predicted that users would show significant interest in this area following recent events and made investments in this sector.
Ripple’s activities diversify
Furthermore, today’s announcement demonstrates that Ripple is diversifying its operations. Metaco develops technologies that enable financial institutions to securely store and manage their digital assets. The company’s clientele includes major financial institutions such as Citi, BNP Paribas, and Societe Generale.
With Metaco’s expertise and institutional client base, Ripple will be in a strong position to offer comprehensive solutions to institutional clients who seek secure storage and management of their tokenized assets.
“Thanks to the strength of our balance sheet and financial position, Ripple will continue to gain advantages in critical areas of the crypto infrastructure. The addition of Metaco to our team is of great importance for our expanding product portfolio and global presence.”Brad Garlinghouse, CEO of Ripple
Ripple’s acquisition of Metaco can be seen as a step that reflects the increasing demand for crypto custody services among institutional investors. It also aligns with Ripple’s vision of bridging the gap between the traditional financial world and the crypto industry.
“Ripple holds a unique position in the crypto custody market, catering to institutional companies. I anticipate that this market will reach approximately $10 trillion in value by 2030.”Monica Long, head of Ripple
Ripple’s expansion of its product portfolio and increasing global presence indicate its ambition to become one of the leading companies in the evolving digital finance space.