Ripple, the developer of the XRP currency and the XRP payments network announced on May 17 that it acquired Metaco for $250 million. Metaco is a Swiss digital asset custodian and tokenization provider.
This highlights Ripple’s commitment to expanding its enterprise offering. Metaco is a tokenization provider, adding value to Ripple’s services.
The acquisition was valued at a staggering $250 million and is set to revolutionize Ripple’s capabilities in the custody, issuance, and settlement of tokenized assets. Metaco, a pioneering company, raised $17 million in a Series A funding round in 2020.
They have been in the process of creating ground-breaking digital asset management solutions. Their focus on innovation keeps them at the forefront of the industry. The firm’s expertise in secure custodial solutions and advanced tokenization infrastructure has attracted Ripple’s attention.
Ripple aims to tap into the growing institutional crypto-custody market. Ripple is optimistic about the immense potential within the institutional crypto-custody market. They project it to reach a staggering $10 trillion by 2030.
Company research finds that global finance leaders show strong interest in adopting crypto-custody solutions within the next three years. Notable examples include BNY Mellon’s plans for crypto-custody management.
Nasdaq is also launching crypto-custody services in the second quarter. Ripple’s acquisition of Metaco positions them to capitalize on this burgeoning market. Ripple’s extensive customer base, ample capital resources, and robust infrastructure will significantly leverage Metaco’s growth trajectory.
The partnership will empower Metaco to meet the surging demand from banking and institutional clients while upholding its commitment to delivering exceptional services.
Metaco’s Harmonize: Industry Standard with Ripple Boost
Metaco’s flagship product, Harmonize, has emerged as the industry standard for institutional-grade digital asset custody and tokenization infrastructure. Furthermore, Major financial institutions have embraced Harmonize, leveraging its advanced features and robust security protocols.
Furthermore, Ripple’s acquisition empowers Metaco, boosting its market presence and meeting growing institutional demand, with exceptional opportunities ahead.
Adrien Treccani, the founder and CEO of Metaco, expressed his thoughts, stating that this agreement will empower Metaco to utilize Ripple’s extensive reach and strong market position to achieve its objectives more swiftly. They are excited to maintain their commitment to meeting unprecedented institutional demand and providing enhanced value to their clients.
According to Crunchbase, Metaco had received $20 million in four rounds before the May 17 release. “Ripple will continue to press our advantage in areas critical to crypto infrastructure,” Ripple CEO Brad Garlinghouse stated.
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.
Learn more: https://t.co/GrI3u13iDT
— Ripple (@Ripple) May 17, 2023
Additionally, Ripple’s acquisition of Metaco is part of its expansion into enterprise offerings. The crypto community is excited to see how this partnership will transform the landscape of digital asset custody and tokenization.
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Moreover, With its visionary approach and strategic collaborations, Ripple cements its position. The company remains a trailblazer in blockchain technology.