Ripple has acquired Swiss-based digital asset custody and tokenization provider Metaco for $250 million, according to a press release published today.
The acquisition marks Ripple's diversification into custody solutions, opening up the blockchain business to more revenue opportunities. Ripple, which will become the sole shareholder of Metaco, hopes to expand its enterprise offerings, providing customers with the technology to custody, issue, and settle any type of tokenized asset.
For Metaco, the deal is hoped to accelerate its growth trajectory through Ripple's hundreds of customers in over 55 countries and 6 continents.
Both Ripple and Metaco target top-tier institutional customers and have a history of working with regulated entities to create enterprise-grade solutions.
Metaco's primary offering Harmonize serves as the institutional standard for digital asset custody and tokenization infrastructure and is chosen by the world’s largest global custodians, top-tier banks, financial institutions and corporates.
Brad Garlinghouse, CEO of Ripple, highlighted how Metaco is a "leader" in institutional digital asset custody with an "unmatched customer record."
Adrien Treccani, founder and CEO at Metaco said the firm's mission is to "enable institutions to thrive in the digital asset economy" and that the deal will enable Metaco to "leverage Ripple's scale and market strength."
Metaco will continue to operate as an independent brand and business unit led by Treccani.
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