Ripple Purchased Custodian Metaco for $250M
Ripple, a fintech startup, and Metaco, a Swiss-based crypto custodian, have reached an agreement for the latter to be taken over for an amount of $250 million, to be paid in a combination of cash and shares.
The brand and leadership of Metaco will remain the same, with Adrien Treccani staying on as CEO. With this acquisition, Ripple will be able to provide customers with tools for asset tokenization, storage, issuance, and settlement.
According to CEO Brad Garlinghouse, this integration is a “huge” step for their product suite and global reach.
Established in Switzerland in 2015, Metaco’s services are used by a variety of institutions, including global custodians, large banks, and financial organizations. Its core product helps investors with storage, trading, tokenization, staking, and DeFi smart contracts.
