Ripple, the blockchain-based payments network, has made a significant acquisition by purchasing digital asset management solutions provider Metaco for $250 million. This move allows Ripple to enter the crypto custody market, which is predicted to reach a value of $10 trillion by 2030. By acquiring Metaco, Ripple aims to expand its offerings and provide customers with the technology necessary to custody, issue, and settle various types of tokenized assets.
Ripple CEO Brad Garlinghouse expressed his confidence in the acquisition, stating, “Metaco is a proven leader in institutional digital asset custody with an exceptional executive bench and a truly unmatched customer track record.” Garlinghouse believes that Ripple’s financial position and strong balance sheet will enable them to continue their success in crucial areas of crypto infrastructure. Integrating Metaco into their operations is a significant milestone for Ripple’s product suite and global expansion.
Metaco, founded in 2015, specializes in helping non-traditional financial institutions establish secure digital asset capabilities. Their flagship offering, Harmonize, enables banks, regulated exchanges, and fintechs to issue, store, trade, transfer, settle, and service digital assets. With over 100 employees serving clients across more than 15 countries, Metaco has developed a strong reputation in the institutional digital asset custody space.
Metaco Founder and CEO Adrien Treccani expressed enthusiasm about the acquisition, stating that it will allow Metaco to leverage Ripple’s scale and market strength to achieve their goals and deliver value to clients more rapidly. Treccani emphasized their commitment to meeting institutional demand with excellence in delivery.
The acquisition takes place at a time when interest in the crypto custody sector is rapidly growing. BNY Mellon already offers digital asset custody for U.S. asset managers, and NASDAQ has plans to launch crypto custody services for Bitcoin and Ethereum by the end of the summer.
Ripple, founded in 2012, provides tools for global money transfers, central bank digital currencies (CBDCs), and digital assets. As part of its expansion efforts, Ripple recently opened a new office in the Dubai International Financial Centre (DIFC), further strengthening its presence in the Middle East.
Through the acquisition of Metaco, Ripple aims to strengthen its position in the evolving world of cryptocurrencies and contribute to the growth of the crypto custody market.