“Ripple Wouldn’t Be Acquiring Companies, If They Had Any Worries”

Ripple has acquired Metaco at an undisclosed fee.

Ripple Labs, a Silicon Valley-based blockchain company, has announced the acquisition of Swiss-based digital asset custody provider Metaco.

According to an announcement today, the development will enable Ripple to expand its offerings by providing clients with the necessary infrastructure to custody, issue, and settle tokenized assets, including cryptos.

Today, we are proud to announce Ripple has acquired @metaco_sa, becoming the sole shareholder of the Swiss-based provider of digital asset custody and tokenization technology.

Learn more: https://t.co/GrI3u13iDT

— Ripple (@Ripple) May 17, 2023

Under the acquisition, Metaco will accelerate its growth trajectory by gaining access to hundreds of Ripple’s clients, new capital flows to meet growing demands, and the resources to deliver on its commitment to banking and institutional clients. 

Ripple did not disclose the financial details of the deal. Metaco will continue to function as an independent brand and business unit. However, the acquisition will make Ripple the sole shareholder of the Swiss-based digital asset custody provider.

Ripple Execs React

Regarding the development, Ripple CEO Brad Garlinghouse said Metaco is a proven leader in institutional digital asset custody.

According to Garlinghouse, Ripple’s robust financial position allows them to leverage their advantage in crypto infrastructure. The addition of Metaco is significant for its product offerings and global expansion.

Thrilled to welcome @metaco_sa and CEO @AdrienTreccani to @Ripple! As Ripple expands into custody – a key part of crypto infrastructure – we’ll be able to support customers with the technology to custody, issue, send and settle any type of tokenized asset. This is massive. 1/3 https://t.co/37laWgh0VL

— Brad Garlinghouse (@bgarlinghouse) May 17, 2023

Ripple’s president Monica Long also commented on the deal. According to Long, custody is an important aspect for enterprise crypto services.

With our acquisition of @metaco_sa, @Ripple is diving headfirst into the global institutional custody market, and adding another key capability to our crypto-native infrastructure services along with payments, liquidity and tokenization! https://t.co/nlHsFy6d01

— Monica Long (@MonicaLongSF) May 17, 2023

Per Long, the custody market is projected to hit nearly $10 trillion by 2030. Based on the projections, Long said Ripple is well positioned to serve the growing institutional crypto custody market.

The development comes after recent research conducted by Ripple shows that several financial leaders plan on utilizing cryptocurrency custody solutions within the next three years.

Notably, Ripple is focused on building blockchain-enabled payment solutions for top organizations. Ripple serves hundreds of customers across over 55 countries, with payout capabilities in more than 70 markets.

Metaco’s Presence in Top Jurisdictions 

On the other hand, Metaco offers a secure and versatile custody infrastructure to help companies to scale their businesses. Metaco’s solutions are offered across top jurisdictions, including the United States, United Kingdom, France, Germany, Switzerland, etc.

Metaco’s founder and CEO, Adrien Treccani, expressed enthusiasm about joining forces with Ripple, stating that their mission aligns with Ripple’s vision. The partnership will allow Metaco to utilize Ripple’s scale and market influence, accelerating its progress and delivering greater value to clients.

Cultivation Companies Founders Say Ripple Has Zero Worries

The acquisition deal has sparked reactions from Ripple and XRP enthusiasts. Kim Runner, the founder, and head of sales at Chicago-based consulting firm Cultivation Companies, noted that if Ripple had any worries, the company would not spend money acquiring other firms. 

If they had any worries, Ripple wouldn’t be spending $ to acquire companies… https://t.co/oZie4s3Zw2

— Kim Runner (@kimrunner) May 17, 2023

Ripple has been engulfed in a legal battle with the United States Securities and Exchange Commission for over two years. The blockchain company has reiterated that it will win the lawsuit. It has also continued its business across other countries outside the United States. As reported earlier, Ripple opened a new regional office in Dubai.