Business News Report
May 17, 2023

Ripple Acquires Crypto Custody Provider Metaco for $250M

Ripple Acquires Crypto Custody Provider Metaco for $250M

Crypto firm Ripple has acquired Metaco, a Swiss-based provider of digital asset custody and tokenization technology. 

With the acquisition, Ripple is diversifying its business and product strategy to bring new revenue opportunities as it fights an ongoing lawsuit with the Securities and Exchange Commission. The SEC alleges that Ripple Labs and its executives violated U.S. securities laws by selling its native cryptocurrency XRP without first registering it as a security.

The deal will allow Ripple to strengthen its global presence amid regulatory challenges in the U.S. The company will also expand its enterprise offerings and provide customers with the technology to custody, issue, and settle tokenized assets in a secure manner while Metaco will have the capital and resources to meet new demands and continue delivering solutions for institutional banking clients.

Both Ripple and Metaco have been serving institutional banking clients since their launch. In 2016, Santander, UniCredit, UBS, ReiseBank, CIBC, National Bank of Abu Dhabi (NBAD), and ATB Financial were among the banks to adopt Ripple to speed up their cross-border payments. Metaco is serving major banks, including BNP Paribas, Citi, DBS, and others in Germany, Turkey, France, the United Kingdom, the United States, Australia, Hong Kong, and the Philippines.

Metaco’s primary offering, Harmonize, enables clients to store, trade and transfer crypto and digital currencies, digital securities, and NFTs; tokenize and manage assets; and embed them into web3 dApps.

“Metaco is a proven leader in institutional digital asset custody with an exceptional executive bench and a truly unmatched customer track record,” said Brad Garlinghouse, CEO of Ripple. “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.”

Known for its flagship payments products, Ripple provides a number of services, including cross-border payments. Ripple’s technology can be used to send payments between any two currencies at a low cost. 

The company has since expanded its product offerings to address new use cases like liquidity management and tokenization, including Central Bank Digital Currencies (CBDCs). Despite the ongoing SEC lawsuit, Ripple claims to be serving hundreds of customers in over 55 countries and six continents with payout capabilities in more than 70 markets.

Following the acquisition, 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.

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Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Cindy is a journalist at Metaverse Post, covering topics related to web3, NFT, metaverse and AI, with a focus on interviews with Web3 industry players. She has spoken to over 30 C-level execs and counting, bringing their valuable insights to readers. Originally from Singapore, Cindy is now based in Tbilisi, Georgia. She holds a Bachelor's degree in Communications & Media Studies from the University of South Australia and has a decade of experience in journalism and writing.Get in touch with her via [email protected] with press pitches, announcements and interview opportunities.

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Cindy Tan
Cindy Tan

Cindy is a journalist at Metaverse Post, covering topics related to web3, NFT, metaverse and AI, with a focus on interviews with Web3 industry players. She has spoken to over 30 C-level execs and counting, bringing their valuable insights to readers. Originally from Singapore, Cindy is now based in Tbilisi, Georgia. She holds a Bachelor's degree in Communications & Media Studies from the University of South Australia and has a decade of experience in journalism and writing.Get in touch with her via [email protected] with press pitches, announcements and interview opportunities.

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