Ripple is making waves in the world of cryptocurrency custody with its latest acquisition of Metaco, a Swiss company specializing in digital asset custody and tokenization technologies. The deal is valued at an impressive $250 million.
With this acquisition, Ripple aims to expand its enterprise offerings and provide customers with the capability to securely store, issue, and settle any tokenized asset. The move comes at a time when concerns about the ownership and security of crypto assets are at an all-time high, especially following the recent turmoil in the crypto market, such as the collapse of FTX exchange, which resulted in significant losses for some investors. The famous saying in the crypto world, "Not your keys, not your money," emphasizes the importance of owning and controlling one's digital assets.
Founded in 2012, Ripple was the first company to tackle the pain points associated with cross-border payments using blockchain and cryptocurrencies. Since then, it has expanded its services to include liquidity management and tokenization, serving hundreds of customers in over 55 countries across six continents. The acquisition of Metaco will not only provide Ripple with access to a broader customer base but also enhance its position in the institutional crypto custody market.
Brad Garlinghouse, CEO of Ripple, expressed his excitement about the deal, stating that Metaco is a leader in institutional digital asset custody, boasting a strong executive team and an outstanding track record with customers. He believes that Ripple's financial strength and market position will enable them to further develop critical aspects of crypto infrastructure. Monica Long, President at Ripple, highlighted the growing institutional crypto custody market, projected to reach nearly $10 trillion by 2030, and emphasized the importance of custody as a vital component of enterprise crypto services.
Upon completion of the acquisition, Ripple will become the sole shareholder of Metaco. The company will continue to operate independently under the leadership of Metaco's Founder and CEO, Adrien Treccani. Treccani expressed his enthusiasm for joining forces with Ripple, stating that the deal will allow Metaco to leverage Ripple's scale and market strength to deliver even greater value to clients and meet the increasing institutional demand for their services.
The acquisition of Metaco marks a significant milestone in Ripple's growth trajectory. By expanding its product suite and global footprint, Ripple aims to cement its position as a go-to provider for traditional finance companies seeking to integrate crypto and blockchain solutions. With its continued focus on real-world use cases and customer support throughout the adoption phases, Ripple is poised to meet the evolving needs of the institutional crypto custody market.