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Ripple announced the acquisition of Swiss-based crypto custody provider Metaco, marking the blockchain firm’s expansion into the growing institutional crypto custody market.
The deal, valued at $250 million, surfaced as Ripple continues to defend against a long-running lawsuit from the US Securities and Exchange Commission.
Ripple acquires Metaco
Ripple is expected to round out its enterprise offerings by providing customers with technology to custody, issue and settle any type of tokenized asset. At the heart of the deal, both companies seek to tap the growing institutional crypto custody market, which is forecast to reach $10 trillion by 2030.
On the other hand, Metaco will be able to leverage the San Francisco-based company’s established base of hundreds of customers and capital to address new demand and resources for its banking and institutional clients.
according to the official press releaseMetaco will continue to operate as an independent brand and business unit, while its founder and CEO Adrian Treccani will lead its operations.
Commenting on the development, Ripple CEO Brad Garlinghouse said,
“Metaco is a proven leader in institutional digital asset custody with an exceptional executive bench and a truly unmatched client track record. Through the strength of our balance sheet and financial position, Ripple will continue to leverage our leverage in areas critical to crypto infrastructure Bringing on Metaco is critical to expanding our growing product suite and global footprint.
Reports also suggest that Ripple Investment $250 million in cash from its own balance sheet to fund the acquisition, despite challenging market conditions resulting in high interest rates and tight funding conditions leading to mass layoffs and the company’s falling valuation.
In a call to CNBC, Garlinghouse said the deal will help Ripple expand its presence overseas at a time when the SEC is cracking down on major players in the digital asset industry.
Ripple Vs. SEC: Another success
The lawsuit fought by Ripple has dragged on for years. But in a significant development, a federal judge ruled that the SEC cannot seal documents related to a 2018 speech by former official William Hinman on crypto and securities.
The documents in question include drafts and emails that indicate the agency did not consider ether a security at the time. Lawyers representing Ripple are struggling to learn more about how Hinman came to the conclusion that the claim could affect its classification of XRP.
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PrimeXBT SPECIAL OFFER: Use this link to register and enter the code CRYPTOPOTATO50 to receive up to $7,000 on your deposit.
Ripple announced the acquisition of Swiss-based crypto custody provider Metaco, marking the blockchain firm’s expansion into the growing institutional crypto custody market.
The deal, valued at $250 million, surfaced as Ripple continues to defend against a long-running lawsuit from the US Securities and Exchange Commission.
Ripple acquires Metaco
Ripple is expected to round out its enterprise offerings by providing customers with technology to custody, issue and settle any type of tokenized asset. At the heart of the deal, both companies seek to tap the growing institutional crypto custody market, which is forecast to reach $10 trillion by 2030.
On the other hand, Metaco will be able to leverage the San Francisco-based company’s established base of hundreds of customers and capital to address new demand and resources for its banking and institutional clients.
according to the official press releaseMetaco will continue to operate as an independent brand and business unit, while its founder and CEO Adrian Treccani will lead its operations.
Commenting on the development, Ripple CEO Brad Garlinghouse said,
“Metaco is a proven leader in institutional digital asset custody with an exceptional executive bench and a truly unmatched client track record. Through the strength of our balance sheet and financial position, Ripple will continue to leverage our leverage in areas critical to crypto infrastructure Bringing on Metaco is critical to expanding our growing product suite and global footprint.
Reports also suggest that Ripple Investment $250 million in cash from its own balance sheet to fund the acquisition, despite challenging market conditions resulting in high interest rates and tight funding conditions leading to mass layoffs and the company’s falling valuation.
In a call to CNBC, Garlinghouse said the deal will help Ripple expand its presence overseas at a time when the SEC is cracking down on major players in the digital asset industry.
Ripple Vs. SEC: Another success
The lawsuit fought by Ripple has dragged on for years. But in a significant development, a federal judge ruled that the SEC cannot seal documents related to a 2018 speech by former official William Hinman on crypto and securities.
The documents in question include drafts and emails that indicate the agency did not consider ether a security at the time. Lawyers representing Ripple are struggling to learn more about how Hinman came to the conclusion that the claim could affect its classification of XRP.
Binance Free $100 (Exclusive): Use this link to register and get $100 free and 10% off on Binance Futures for the first month. (terms).
PrimeXBT SPECIAL OFFER: Use this link to register and enter the code CRYPTOPOTATO50 to receive up to $7,000 on your deposit.
