Blockchain firm Ripple has acquired Swiss-based crypto custody provider Metaco for $250mn
IN BRIEF:
- The purchase will allow Ripple to expand its offerings by incorporating the technology to custody, issue, and settle tokenized assets.
- According to a company spokesperson, the acquisition was financed through a combination of cash and Ripple equity.
- Metaco makes technology which allows financial institutions to store and manage digital assets. Its clients include Citi, BNP Paribas, and Societe Generale's digital asset arm.
What does this mean?
“Metaco is a proven leader in institutional digital asset custody. It has an exceptional executive bench and a truly unmatched customer track record,” said Brad Garlinghouse, CEO of Ripple. “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.”
