- Silicon Valley’s Ripple Labs, a prominent blockchain company, has revealed its acquisition of Metaco, a digital asset custody provider based in Switzerland.
- The acquisition will enable Ripple to expand its offerings by providing clients with the necessary infrastructure to custody, issue, and settle tokenized assets, including cryptos.
In a recent announcement, Ripple Labs revealed its acquisition of Metaco a digital asset custody provider based in Switzerland. By integrating Metaco’s expertise, Ripple aims to provide its clients with a comprehensive infrastructure for secure custody, issuance, and settlement of tokenized assets, including various cryptocurrencies. This acquisition strengthens Ripple’s position in the market and enhances its ability to meet the growing demands of its clients.
This acquisition also opens doors for Metaco to tap into Ripple’s extensive client base, providing access to hundreds of clients. Additionally, the collaboration brings forth new capital flows that will cater to the increasing demands of the market. With this development, Metaco is well-positioned to fulfill its commitment to banking and institutional clients.
Lamentably, Ripple has a strong customer base, serving hundreds of clients in over 55 countries. With its extensive reach, Ripple’s payment capabilities extend to more than 70 markets, offering a global payout infrastructure that is both efficient and secure.
Ripple president Monica Long says:
Custody is a key facet of the infrastructure required for enterprise crypto services. Adding these capabilities to Ripple’s already growing product solutions means we can continue to support customers as they look to utilise crypto and blockchain for real-world use cases across all phases of adoption.
While the financial specifics of the deal remain undisclosed, the acquisition ensures that Metaco retains its independent brand and operates as a separate business unit. However, Ripple becomes the sole shareholder of the Swiss-based digital asset custody provider, solidifying their partnership and establishing a mutually beneficial alliance.
Ripple CEO Brad Garlinghouse expressed his admiration for Metaco’s expertise in institutional digital asset custody, highlighting their track record as a leader in the field. Garlinghouse emphasized that Ripple’s strong financial standing positions them to capitalize on their advantage in the crypto infrastructure space. The acquisition of Metaco holds great importance for Ripple, as it enhances its product offerings and facilitates its global expansion efforts.
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.
— Ripple (@Ripple) May 17, 2023
Learn more: https://t.co/GrI3u13iDT
For more than two years, Ripple has been embroiled in a legal dispute with the United States Securities and Exchange Commission (SEC). Despite the ongoing legal battle, the blockchain company remains steadfast in its determination to emerge victorious from the lawsuit. Ripple has also demonstrated its resilience by expanding its operations into various countries worldwide, including the recent establishment of a regional office in Dubai.
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