1. BITBILIHome
  2. Article

Ripple acquires Swiss blockchain custody firm Metaco for $250 Million

• 37 views

TL;DR Breakdown

  • Ripple has announced the acquisition of Metaco – making it the sole shareholder of the Swiss-based crypto custody firm.
  • The $250 million deal will expand Ripple’s enterprise offerings for digital asset custody, issuance, and settlement services.
  • Metaco was founded in 2015 and already has a client base of banks, crypto exchanges, and fintech firms. Its in-house Harmonize platform provides client integration to access services, including staking and smart contract management, on top of its core asset custody business.

Geneva, Switzerland – In a strategic move to further enhance its position in the blockchain industry, Ripple, the leading global provider of enterprise blockchain solutions, announced today its acquisition of the Swiss-based crypto custody firm Metaco for a staggering $250 million. This acquisition not only strengthens Ripple’s market presence but also solidifies its commitment to fostering innovation and security within the digital asset ecosystem.

Ripple creates alliances and expands its offerings

Ripple, the creator of its namesake payments network and XRP token, announced on May 17 that it had acquired Metaco, a Swiss digital asset custodian and tokenization provider, for $250 million. Ripple predicts that the market for institutional crypto custody will reach $10 trillion by 2030. In addition, its research reveals that “the majority of global finance leaders at financial institutions” intend to implement crypto custody solutions within the next three years. 

Metaco will dramatically accelerate its growth trajectory through access to Ripple’s established base of hundreds of customers, capital to address new demand, and resources to continue delivering on its commitment to banking and institutional clients.

Ripple

Under the terms of the deal, Ripple will fully integrate Metaco’s advanced infrastructure and expertise into its existing suite of services, enabling clients to securely manage and store their digital assets. The acquisition of Metaco is poised to revolutionize the way crypto custodial solutions are perceived and used.

Metaco: Pioneers in blockchain custody solutions

Founded in 2015, Metaco quickly established itself as a leading player in the crypto custody space, offering cutting-edge solutions to safeguard digital assets. The company’s proprietary platform, SILO, combines robust security protocols with advanced encryption algorithms, ensuring the highest level of protection against cyber threats.

The CEO of Ripple, Brad Garlinghouse, stated that the two companies already share common objectives in terms of developing enterprise utility, regulatory compliance, and a global outlook. Consequently, he is confident that the partnership will provide “the best possible experience” for corporate clients.

Garlinghouse concluded the thread by alluding to the imminent end of crypto winter and stating that XRP is now well-positioned to realize its long-term vision.

This landmark acquisition places the crypto entity at the forefront of the evolving crypto custody landscape, strengthening its competitive advantage over other blockchain providers. By integrating Metaco’s expertise, Ripple aims to set new industry standards by establishing a secure and efficient custody solution for a wide range of digital assets, including cryptocurrencies, stablecoins, and non-fungible tokens (NFTs).

Metaco’s founder and chief executive officer, Adrien Treccani, stated that the deal would enable the company to leverage Ripple’s “scale and market strength,” allowing it to better serve its clients. Treccani will continue to lead the corporation, and Metaco will continue to operate as a separate brand.

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.

Adrien Treccani,

As Ripple continues to lead the charge in shaping the future of global finance, the acquisition of Metaco marks a significant milestone in the company’s journey. By combining forces, Ripple and Metaco have paved the way for unparalleled advancements in digital asset custody, streamlining operations and fostering increased trust in blockchain technology. 

This acquisition not only strengthens XRP’s market position but also reaffirms its commitment to providing secure and efficient solutions that cater to the evolving needs of its clients.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

文章来源于互联网:Ripple acquires Swiss blockchain custody firm Metaco for $250 Million

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年5月18日 17:01
Next 2023年5月18日 18:00

Related articles

  • 7 Central Banks and BIS dive deep into policy matters for retail CBDCs

    TL;DR Breakdown The BIS and a consortium of central banks published a paper on their “ongoing policy perspectives” on a retail central bank digital currency (rCBDC). The central banks of Canada, the EU, Japan, Sweden, Switzerland, England, and the US collaborated with BIS on a brief CBDCs document.  The evolving payments landscape requires central banks to give some consideration to how CBDCs may be used for wholesale and cross-border use cases. In a collaborative effort to advance the understanding and implementation of retail Central Bank Digital Currencies (CBDCs), seven central banks and the Bank for International Settlements (BIS) are actively examining ongoing policy issues surrounding this transformative financial technology. The exploration of CBDCs comes at a time when digital currencies have gained significant attention worldwide, offering a potential revolution in the way individuals and businesses transact.  Exploring the Potential of Retail Central Bank Digital Currencies Central banks from Canada, Sweden, Switzerland, the United Kingdom, Japan, the European Central Bank, and the United States, along with the BIS, are pooling their knowledge and expertise to investigate the possibilities and challenges associated…

    Article 2023年5月29日

  • SBF denied access to FTX’s former law firm documents

    TL;DR Breakdown Judge Lewis Kaplan rejects Sam Bankman-Fried’s bid to access legal documents from Fenwick & West, his former advising law firm, to defend against his fraud charges. Bankrupt FTX crypto exchange, formerly run by SBF, files a lawsuit seeking over $700 million from several investment firms including K5 Global, Mount Olympus Capital, and SGN Albany Capital. K5 Global denies allegations, describing the lawsuit as baseless. Description The plot thickens in the legal proceedings surrounding Sam Bankman-Fried, popularly known as SBF, as his petition to obtain vital legal documents from his former legal advisor is denied. SBF, the magnate behind the FTX cryptocurrency exchange, now bankrupt, argued these documents from Fenwick & West, the Silicon Valley-based law firm, held the key to … Read more The plot thickens in the legal proceedings surrounding Sam Bankman-Fried, popularly known as SBF, as his petition to obtain vital legal documents from his former legal advisor is denied. SBF, the magnate behind the FTX cryptocurrency exchange, now bankrupt, argued these documents from Fenwick & West, the Silicon Valley-based law firm, held the key to…

    Article 2023年6月27日

  • China-EU tug-of-war: EU sounds alarm on growing strains

    TL;DR Breakdown The EU has expressed concerns over its relationship with China, emphasizing issues with China’s anti-espionage law and data restrictions. EU’s trade chief Valdis Dombrovskis highlighted these issues during his visit to Shanghai, mentioning the need to re-evaluate the trading relationship. Description In the global arena of power plays and politics, the European Union has raised a clarion call against emerging stress points in its relationship with China. While the roots of this partnership are deeply entrenched in trade and commerce, concerns have bubbled up to the surface, warranting a more critical assessment of the diplomatic ties … Read more In the global arena of power plays and politics, the European Union has raised a clarion call against emerging stress points in its relationship with China. While the roots of this partnership are deeply entrenched in trade and commerce, concerns have bubbled up to the surface, warranting a more critical assessment of the diplomatic ties shared between these two titans. Mounting Concerns Prompt A Re-evaluation Valdis Dombrovskis, EU’s top trade figure, shed light on the mounting issues during his…

    Article 2023年9月25日

  • Shiba Inu’s Meteoric Rise: A Glimpse into the Shibarium Launch 

    TL;DR Breakdown Shiba Inu has witnessed remarkable growth with a 115% weekly increase in new SHIB addresses, solidifying its presence in the crypto world. The imminent Shibarium launch, Shiba Inu’s Layer-2 blockchain, promises enhanced utility for SHIB tokens, potentially attracting more users and liquidity. Description The cryptocurrency world is no stranger to volatility, with new tokens emerging and old ones fading away. Yet, amidst this ever-changing landscape, Shiba Inu (SHIB) has managed to carve a niche for itself. Known for its meme-inspired beginnings, SHIB has transformed from a mere internet joke to a formidable player in the crypto arena. As … Read more The cryptocurrency world is no stranger to volatility, with new tokens emerging and old ones fading away. Yet, amidst this ever-changing landscape, Shiba Inu (SHIB) has managed to carve a niche for itself. Known for its meme-inspired beginnings, SHIB has transformed from a mere internet joke to a formidable player in the crypto arena. As the countdown for the much-anticipated Shibarium launch begins, the Shiba Inu ecosystem is on the brink of achieving another monumental milestone. Contents…

    Article 2023年8月14日

  • Binance requests removal of Cyprus unit’s registration to prioritize EU compliance efforts

    TL;DR Breakdown Binance, the world’s largest cryptocurrency exchange, has requested the deregistration of its Cyprus unit as a crypto service provider to prioritize compliance with the forthcoming EU MiCA legislation. The move comes shortly after Binance was sued by the U.S. SEC for alleged violations, including operating without registration and offering unregistered securities. Binance aims to concentrate on larger European markets and comply with MiCA regulations, while emphasizing its commitment to defending against the SEC charges and maintaining compliance with applicable laws. Binance, the world’s leading cryptocurrency exchange, has filed a request to rescind the registration of its Cyprus unit as a crypto service provider. The move aims to redirect the company’s focus towards fulfilling the requirements of the European Union’s forthcoming Markets in Crypto Assets (MiCA) legislation. This decision comes in the wake of Binance facing a lawsuit from the U.S. Securities and Exchange Commission (SEC), which alleged violations including operating without registration and offering unregistered securities. In response, Binance is proactively taking steps to ensure regulatory compliance and align with evolving industry standards. Binance’s Cyprus unit, which obtained…

    Article 2023年6月17日
TOP