By Amelia Isaacs on Wednesday 17 May 2023
The fintech is looking to take on the institutional custody market, set to reach $10 trillion by 2030.
Crypto solutions company Ripple has acquired Swiss-based Metaco for $250m.
In its first major acquisition, Ripple will be the sole shareholder of the company, which provides digital asset custody and tokenisation technology.
The move for the company marks a step towards taking on the rapidly growing institutional custody market, which is set to reach $10 trillion by 2030.
“Metaco is a proven leader in institutional digital asset custody with an exceptional executive bench and a truly unmatched customer track record,” Ripple CEO Brad Garlinghouse said.
“Through the strength of our balance sheet and financial position, Ripple will continue pressing our advantage in the areas critical to crypto infrastructure. Bringing on Metaco is monumental for our growing product suite and expanding global footprint.”
Metaco makes technology that enables financial institutions to store and manage digital assets, and its clients include Citi, BNP Paribas, and Societe Generale's digital asset arm.
Ripple currently serves hundreds of customers in more than 55 countries with payout capabilities in more than 70 markets.
Adding the custody aspect from Metaco to its roster, Ripple will expand its offerings to provide customers with the technology to custody, issue and settle any type of tokenised asset.
“Our mission has always been to enable institutions to thrive in the digital asset economy with the help of our core infrastructure and expertise, and we are delighted to join forces with the team at Ripple, who share that passion,” Metaco founder and CEO Adrien Treccani said.
“This deal will enable Metaco to leverage Ripple’s scale and market strength to reach our goals and deliver value to our clients at a faster pace.”
Treccani will continue to lead Metaco, which will operate as an independent brand and business unit.
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