Switzerland-based blockchain custody firm Metaco has been acquired by Ripple, the creator of the renowned payments network and XRP token, for a substantial sum of $250 million. This acquisition will enable Ripple to broaden its enterprise offerings by providing custody, issuance, and settlement services for tokenized assets. Metaco, which had previously secured $17 million in a Series A funding round in 2020 and a total of $20 million in funding, is expected to experience rapid growth through access to Ripple’s extensive customer base and ample resources.
Ripple is optimistic about the future of institutional crypto custody, estimating that the market will grow to a staggering $10 trillion by 2030. Their research also reveals that a majority of financial leaders worldwide plan to adopt crypto custody solutions within the next three years. Prominent examples include BNY Mellon’s crypto custody management plans and Nasdaq’s imminent launch of crypto custody services in the second quarter.
Adrien Treccani, the founder and CEO of Metaco, expressed his enthusiasm about the acquisition, stating that it will allow the company to leverage Ripple’s market strength and resources to deliver value to clients more efficiently. Metaco’s flagship product, Harmonize, serves as an institutional standard for digital asset custody and tokenization infrastructure, catering to major financial institutions.
Established in 2015, Metaco had raised a cumulative funding of $20 million through four funding rounds before the acquisition. Ripple’s CEO, Brad Garlinghouse, affirmed their commitment to bolstering critical aspects of the crypto infrastructure, leveraging their advantages in the field.
This acquisition positions Ripple as a key player in the crypto custody industry, with Metaco’s expertise and resources complementing their existing offerings. With the goal of meeting the rising demand from banking and institutional clients, Ripple aims to continue its mission of facilitating the secure and efficient management of digital assets. The integration of Metaco’s capabilities and Ripple’s established network is set to drive accelerated growth and deliver unparalleled services to their expanding customer base.