Ripple Snaps up Swiss Custody Provider Metaco in US$250 Million Dealby Fintechnews Switzerland May 18, 2023
Ripple, a blockchain and crypto solutions provider, has acquired Metaco, a Swiss-based provider of digital asset custody and tokenisation technology, for US$250 million.
Through this acquisition, Ripple will be able to expand its enterprise offerings by diversifying into custody solutions to provide customers with the technology to custody, issue, and settle any type of tokenised asset.
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.
Metaco’s primary offering Harmonize is the institutional standard for digital asset custody and tokenisation infrastructure.
The company’s solutions are currently offered in Switzerland, Germany, Turkey, France, the United Kingdom, the United States, Singapore, Australia, Hong Kong and the Philippines, among others.
Ripple started out with cross-border payments utilising blockchain and cryptocurrency and then expanded its product offerings to address new use cases like liquidity management and tokenisation, including Central Bank Digital Currencies (CBDCs).
Today, Ripple serves hundreds of customers in over 55 countries and 6 continents with payout capabilities in 70+ markets.
Metaco will be able to accelerate its growth trajectory through access to Ripple’s established base of customers and capital to address new demand.
Brad Garlinghouse, CEO of Ripple said,
“Metaco is a proven leader in institutional digital asset custody with an exceptional executive bench and a truly unmatched customer track record.
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.”
Adrien Treccani, Founder and CEO at Metaco, 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. We look forward to continuing to serve unprecedented levels of institutional demand with the utmost excellence in delivery, as our clients have come to expect.”
This article first appeared on fintechnews.sg
Featured image credit: Brad Garlinghouse CEO of Ripple and Adrien Treccani Founder and CEO at Metaco. Background image edited from Freepik