Ripple Acquires Metaco for $250M, Custody Solutions Could Soon Follow

Metaco’s custody technology has been previously used by Citi and BNP Paribas

article-image

MJgraphics/Shutterstock modified by Blockworks

share

Ripple is spending $250 million to acquire Metaco, a Swiss firm that specializes in crypto custody for institutional investors. 

Ripple is primarily known for its payment services, having launched one of the oldest blockchain-based payment networks. With Metaco being its first major acquisition, leadership at Ripple is looking to expand its services so customers can custody their digital assets with its forthcoming product suite.

Ripple CEO Brad Garlinghouse lauded Metaco’s track record in digital asset custody, and Monica Long, President of Ripple, further explained the company’s plans when it comes to allowing customers to hold their crypto on its platform.  

“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 utilize crypto and blockchain for real-world use cases across all phases of adoption,” Long said. 

Sagar Shah, Head of Custody at Ripple, told Blockworks that they’ve spent nearly two years searching for crypto custodians and evaluating their services. Metaco simply stood out among the rest, with its “first-rate bank customers,” and a “crypto native team.”

Some of Metaco’s banking customers include Citi and BNP Paribas, both of which partnered with Metaco in mid-2022 to integrate its digital asset custody platform called Harmonize into their existing infrastructures.

Metaco Founder and CEO Adrien Treccani said he was “delighted” to join Ripple and said the acquisition will allow Metaco to scale up in the market. 

“Our mission has always been to enable institutions to thrive in the digital asset economy,” 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.”

Following the Metaco deal, which is now closed, Ripple will become its sole shareholder, though Metaco “will continue to operate as an independent brand and business unit.” That business unit will be helmed by Treccani.

Updated May 17, 2023 at 8:24 am ET: Added quote and context.


Don’t miss the next big story – join our free daily newsletter.

Tags

Upcoming Events

Hilton Metropole | 225 Edgware Rd, London

Mon - Wed, March 18 - 20, 2024

Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience: Attend expert-led panel discussions and fireside chats Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts.

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Research report - cover graphics (1).jpg

Research

In this report, we dive into crypto private market data to gather insights on where the future of the industry is headed. Despite a notable downturn in private raises, capital continues to infuse promising projects that aim to transform payments, banking, consumer experiences, community, and more, with 2023 being the fourth-largest year for crypto venture capital.

article-image

Opinion: Even though I didn’t pay for my “Diamond Hands” burger with BTC, don’t let that fool you into thinking that crypto’s development is futile

article-image

The results mark “a major positive inflection point,” one analyst says, as the exchange carries net income momentum into a crypto rally

article-image

While the slate of 10 US spot bitcoin funds have tallied $4.6 billion of net inflows thus far, half of the field is lagging the leaders

article-image

Trading volumes totalled $154 billion in Q4, including $125 billion in institutional volume

article-image

DeFi on Bitcoin is all the rage right now and Stacks is positioned to benefit

article-image

The Boston Globe reports that lawyer John Deaton is weighing a possible bid