Enterprise blockchain and crypto solutions company Ripple has detailed its acquisition of Swiss-based digital asset custody and tokenization technology provider Metaco.
“Metaco is a proven leader in institutional digital asset custody with an exceptional executive bench and a truly unmatched customer track record,” Ripple CEO Brad Garlinghouse said. “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.”
The action would enable Ripple to diversify custody solutions, which the company indicated is a milestone in its business and product strategy, providing new revenue opportunities via expanded enterprise offerings while offering customers technology to custody, issue and settle any type of tokenized asset.
Ripple will become the sole shareholder of Metaco, which will continue to operate as an independent brand and business unit led by Founder and CEO Adrien Treccani.
“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,” Treccani said. “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.”