Ripple Acquires Swiss-based Digital Asset Custody Provider Metaco
The institutional crypto custody market is projected to reach an extraordinary $10 trillion by 2030, according to research conducted by Ripple. A key part of the infrastructure for enterprise crypto services, crypto custody solutions are increasingly being adopted by global financial institutions.
In a strategic move, Ripple, a significant player in the cryptocurrency industry, has announced its acquisition of Metaco. The Swiss-based company is known for its digital asset custody and tokenization technology. Ripple’s acquisition aims to broaden its enterprise offerings, providing customers with the technology to custody, issue, and settle any tokenized asset.
According to Ripple CEO Brad Garlinghouse, Metaco has earned a strong reputation in institutional digital asset custody with an impressive portfolio of top-tier institutional clients. He also highlights Metaco’s track record of collaborating with regulated entities to develop secure enterprise-grade solutions. Ripple’s backing is expected to propel Metaco’s growth and commitment to serving its banking and institutional clients.
Ripple has spent over a decade in the cryptocurrency sector, addressing complex issues for enterprise customers. This experience has facilitated substantial growth and expansion for the company. The acquisition of Metaco is seen as a pivotal step in Ripple’s evolution and the industry at large.
Metaco’s flagship product, Harmonize™, is designed to provide institutions with secure and mission-critical custody infrastructure. The solution is used by some of the world’s largest global custodians, banks, financial institutions, and corporations, Ripple states.
Meanwhile, big names in the financial industry are showing increasing interest in the crypto custody market. BNY Mellon currently offers digital asset custody for asset managers in the US, and NASDAQ has announced plans to launch crypto custody services for Bitcoin and Ethereum by Q2 2023.
With the acquisition of Metaco, Ripple aims to tap into this booming market, offering new services for customers and paving the way as a leader in enterprise crypto solutions.
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