Ripple agrees to acquire crypto custodian Metaco for $250 million

The fintech startup Ripple and Swiss-based crypto custodian Metaco have agreed to acquire the latter in a deal valued at $250 million.

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

Payment will be made in cash and in the form of equity in the startup.

Metaco will retain its brand, and its founder and CEO, Adrien Treccani, will continue to lead the business.

The deal will allow Ripple to offer clients tools for custody, issuance and settlement of tokenised assets.

“The integration of Metaco has enormous significance for our product suite and expansion of our global presence,” commented Ripple CEO Brad Garlinghouse.

Founded in Switzerland in 2015, Metaco focuses on serving global custodians, large banks, and financial institutions. Its flagship product Harmonize helps investors manage custody, trading, tokenisation, staking and smart contracts in the DeFi ecosystem.

Metaco operates across multiple markets, including Switzerland, Germany, Turkey, France, the United Kingdom, the United States, Singapore, Australia, Hong Kong and the Philippines.

According to Ripple President Monica Long, the company has unique capabilities to work with the growing institutional crypto custody market, which could rise to $10 trillion by 2030.

Earlier in the SEC denied the Commission’s motion to seal documents related to the 2018 testimony by former regulator William Hinman. Garlinghouse called the decision a victory for transparency. The XRP token rose on the verdict.

Earlier, Ripple’s CEO said the company was considering the purchase of FTX assets.