|
Getting your Trinity Audio player ready...
|
Ripple continues to expand its enterprise offerings by acquiring Metaco, a Swiss-based crypto custody provider, for $250 million. The acquisition is seen as a strategic move to tap into the growing institutional crypto custody market projected to reach $10 trillion by 2030.
Metaco will benefit from Ripple’s extensive customer base and capital to cater to its banking and institutional clients, while still operating as an independent brand and business unit. Adrien Treccani, Metaco’s CEO, will continue to lead its operations.
Ripple CEO Brad Garlinghouse praised Metaco’s executive bench and customer track record and added that the acquisition was monumental for their growing product suite and expanding global footprint. The deal will allow Ripple to increase its presence overseas at a time when the SEC is taking stringent actions against major players in the digital asset industry.
Meanwhile, Ripple is still battling a long-drawn lawsuit from the US Securities and Exchange Commission (SEC). In a significant development, a federal judge ruled that the SEC cannot seal documents related to former official William Hinman’s 2018 speech on crypto and securities, where he did not consider Ethereum a security at the time. The lawyers representing Ripple have been fighting to learn more about how Hinman’s claim could impact XRP’s classification.
The acquisition of Metaco follows Ripple’s recent investment to acquire a 40% stake in Tranglo, a Malaysian cross-border payments service provider. These strategic moves indicate Ripple’s resilience and determination to grow despite challenging market conditions.
