Ripple, the enterprise blockchain and crypto solutions provider, has agreed to acquire Metaco, a Swiss-based provider of digital asset custody and tokenisation technology. Diversifying into custody solutions is a milestone in Ripple’s business and product strategy, bringing new revenue opportunities to the company.
Ripple and Metaco share strong crypto DNA, top-tier institutional customers, and a long history of working with regulated entities to create secure enterprise-grade solutions. With this acquisition, Ripple will expand its enterprise offerings. It will provide customers with the technology to custody, issue, and settle any type of tokenised asset.
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. By doing so, it will continue delivering on its commitment to banking and institutional clients.
“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.”
Ripple has gained its reputation primarily through its flagship payment products. Products which helped address multi-trillion dollar pain points in cross-border payments utilising blockchain and cryptocurrency.
Rapid scaling
Building blockchain-enabled payments infrastructure from the ground up is a huge challenge for organisations. Therefore, the company focused on this, before expanding its product offerings to address new use cases like liquidity management and tokenisation, including central bank digital currencies (CBDCs). Ripple serves hundreds of customers in over 55 countries and six continents with payout capabilities in 70+ markets.
Metaco offers a secure and versatile custody infrastructure for institutions to scale new business models in the crypto economy. Its primary offering, Harmonize is the institutional standard for digital asset custody and tokenisation infrastructure.
Metaco currently offers its technology solutions across various jurisdictions, including but not limited to:
- Switzerland
- Germany
- Turkey
- France
- United Kingdom
- United States
- Singapore
- Australia
- Hong Kong
- Philippines
Capitalising on a $10trillion market
“As the go-to provider for traditional finance companies looking to integrate crypto and blockchain solutions, Ripple is uniquely positioned to address the growing institutional crypto custody market. A market expected to reach nearly $10trillion by 2030,” said Monica Long, president at Ripple.
“Custody is a key facet of the infrastructure required for enterprise crypto services. Adding these capabilities to Ripple’s already growing product solutions means we can continue to support customers as they look to utilise crypto and blockchain for real-world use cases across all phases of adoption.”
Adrien Treccani, founder and CEO at Metaco said: “Our mission has always been to enable institutions to thrive in the digital asset economy with the help of our core infrastructure and expertise. We are delighted to join forces with the team at Ripple, who share that passion.
“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.”
Ripple will become the sole shareholder of Metaco. Metaco will continue to operate as an independent brand and business unit led by founder and CEO Adrien Treccani.
Image and article originally from thefintechtimes.com. Read the original article here.