- Ripple acquired Metaco for $250 million.
- The acquisition will help Ripple enter into the crypto custody market, enabling clients to custody, issue, and settle any type of tokenized asset.
- Both BNY Mellon and NASDAQ have made recent moves in the crypto custody market.
Blockchain-based payments network Ripple announced its latest acquisition this week, picking up digital asset management solutions company Metaco for $250 million.
The move will help Ripple enter into the crypto custody market, which is expected to reach $10 trillion by 2030. Specifically, it will enable Ripple to expand its offerings, providing customers the technology to custody, issue, and settle any type of tokenized asset.
“Metaco is a proven leader in institutional digital asset custody with an exceptional executive bench and a truly unmatched customer track record,” said Ripple CEO Brad Garlinghouse. “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.”
Founded in 2015, Metaco helps non-traditional financial institutions securely build their digital asset capabilities. The Switzerland-based company’s flagship offering, Harmonize, helps banks, regulated exchanges, and fintechs issue, store, trade, transfer, settle, and service digital assets. Metaco has more than 100 employees that serve clients in more than 15 countries.
Regarding today’s acquisition, 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. 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.”
Today’s acquisition comes during a time when interest in the crypto custody space is heating up. BNY Mellon offers digital asset custody for U.S. asset managers, and NASDAQ is planning to launch crypto custody services for Bitcoin and Ethereum by the end of this summer.
Ripple was founded in 2012 and offers tools for global money transfers, CBDCs, and digital assets. Earlier this month, the company expanded its Middle East operations, opening a new office location in the Dubai International Financial Centre (DIFC).