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Ripple Acquires Metaco to Strengthen Position in Institutional Crypto Custody Market

17 May 2023
in Latest News, News
Reading Time: 3 mins read
106 4
Home News Latest News

Ripple has announced its acquisition of Metaco, a digital asset custody and tokenization technology provider. This strategic move by Ripple is aimed at establishing a competitive position in the rapidly expanding institutional cryptocurrency custody market, which experts predict will reach an astounding $10 trillion by 2030.

This acquisition will enable Ripple access to technology for the secure custody, distribution, and settlement of tokenized assets, which it can offer to its business clients. Simultaneously, Metaco will benefit from Ripple’s extensive customer base and gain additional funding and resources that will enable it to better cater to banking and institutional clients.

Adrien Treccani, the Founder and CEO of Metaco, expressed his excitement about the acquisition, emphasizing how it will help his company scale faster. He stated, “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.”

Sagar Shah, Ripple’s head of custody, highlighted Metaco’s technology, product-market fit, customer base, and team as the driving factors behind the partnership. He stated: “Metaco’s technology, product-market fit, customer base, and unparalleled team make them the perfect partner for Ripple as we look to provide critical crypto infrastructure to enterprises.”

Both Ripple and Metaco have solid backgrounds in the cryptocurrency industry and have successfully served elite institutional clients. They have also collaborated with regulated organizations to develop secure enterprise-grade solutions for their clients.

Metaco is particularly known for its secure and highly adaptable custody infrastructure, which is designed for institutions seeking to explore new business models within the cryptocurrency economy. Its flagship product, HarmonizeTM, has become the industry standard for digital asset custody and tokenization infrastructure.

Ripple is further solidifying its position in the institutional custody and liquidity space through this acquisition. In April 2023, the company unveiled a liquidity solution aimed at helping businesses bridge the gap between cryptocurrencies and fiat. This solution complements Ripple’s existing on-demand liquidity (ODL) cross-border payment service and provides enterprises with access to a pool of liquidity through the Ripple liquidity hub. The service, which has undergone successful testing, allows partners to access worldwide payout rails and establish a global liquidity network, and it can be used independently.

 

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Durotimi Aribisala

Durotimi Aribisala

Durotimi is a writer who is interested in writing about emerging technologies such as blockchain, Web3, crypto, and AI. He studied business administration and management. He desires to be an entrepreneur and movie director sometime in the future.

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