Ripple Completes Metaco Takeover as Former CEO and CPO Silently Depart

Two leading executives at crypto custody firm Metaco have departed nine months after Ripple acquired the startup for $250 million.

In May 2023, blockchain company Ripple expanded its empire with a $250 million acquisition of crypto custody firm Metaco.

Among other things, the deal was designed to bring Ripple closer to institutional players, with Metaco already providing crypto custody infrastructure for some major banking institutions.

However, at the time, Ripple noted that Metaco would continue to operate as an independent entity. Nonetheless, as of last December, reports confirmed that Metaco’s CEO Adrien Treccani had begun service as Senior Vice President (SVP) of products at the parent company, Ripple.

Now, Ripple seems to have completed its takeover of Metaco. Media reports show that Metaco’s CEO Adrien Treccani and CPO Peter DeMeo have now departed the company.

Ripple and Metaco did not publicly reveal this development except in a recent scoop report. As a result, details on the timeline of the leadership change remains unclear. However, the recent developments confirm Ripple’s integration of Metaco’s product into its business.

As previously mentioned, Metaco has a high-profile client lineup that Ripple can now tap into. These include banking giants HSBC and BBVA, which use Metaco’s product suite to custody client assets.

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Ripple Edging Closer to Big Banks?

The Metaco acquisition is a popular move among XRP holders as they believe it brings Ripple closer to courting big banks to use its payments product.

With the banks already accustomed to Metaco’s custody, the belief is that it becomes relatively easier for Ripple to market ODL and the benefits of cross-border transfers using the XRP Ledger. However, it remains to be seen if the opportunity will play out as projected.