US-based crypto solutions provider Ripple has acquired Metaco, a Switzerland-based provider of digital asset custody and tokenisation technology, for $250m.
Both parties are said to share a strong crypto DNA, top-tier institutional customers, and a long history of working with regulated entities to create secure enterprise-grade solutions.
The acquisition will help Ripple expand its enterprise offerings, which provide the customers with the technology required to custody, issue, and settle any type of tokenised asset.
Also, it will help Metaco advance its growth trajectory through access to the blockchain company’s established customer base, and capital to address new demand and resources.
Ripple said that it is excited to work closely with the Metaco team to provide new services for customers and continue to provide enterprise crypto solutions.
Ripple CEO Brad Garlinghouse said: “Metaco is a proven leader in institutional digital asset custody with an exceptional executive bench and a truly unmatched customer track record.
“Through the strength of our balance sheet and financial position, Ripple will continue pressing our advantage in the areas critical to crypto infrastructure.
“Bringing on Metaco is monumental for our growing product suite and expanding global footprint.”
Metaco offers a secure and diverse custody infrastructure for institutions, helping them scale new business models in the crypto economy.
The firm’s primary offering, Harmonize, is the institutional standard for digital asset custody and tokenisation infrastructure for large custodians, banks, financial institutions, and corporations.
The company currently offers its technology solutions across Switzerland, Germany, Turkey, France, the UK, the US, Singapore, Australia, Hong Kong and the Philippines, among others.
Metaco founder and CEO Adrien Treccani said: “Our mission has always been to enable institutions to thrive in the digital asset economy with the help of our core infrastructure and expertise, and we are delighted to join forces with the team at Ripple, who share that passion.
“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.
“We look forward to continuing to serve unprecedented levels of institutional demand with the utmost excellence in delivery, as our clients have come to expect.”
Ripple said that the institutional crypto custody market is expected to reach $10 trillion by 2030, and custody is an important part of the infrastructure required for enterprise crypto services.
According to its recent research, most global finance leaders at financial institutions and enterprises intend to use crypto custody solutions, primarily through a third-party provider.
Ripple has more than 10 years of experience in handling blockchain and cryptocurrency and solving problems for enterprise customers.
The company’s offerings include cross-border payments, CBDCs, liquidity management and tokenisation to global partners and customers.
In 2020, the Securities and Exchange Commission (SEC) filed a lawsuit against the blockchain company for issuing the digital asset XRP without proper registration.
Ripple custody head Sagar Shah said: “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.
“We’re excited to support Metaco as they continue to deliver the same high-quality products and services their team has become known for while enabling their business to scale faster and more efficiently.”
