Ripple Acquires Swiss-based Metaco, Sets Sights on $10T Institutional Crypto Custody Market
Luisa Crawford May 18, 2023 00:20
Ripple, the global provider of blockchain-based payment systems, has announced its acquisition of Metaco, a Swiss provider of digital asset custody and tokenization technology.
Ripple, the global provider of blockchain-based payment systems, has announced its acquisition of Metaco, a Swiss provider of digital asset custody and tokenization technology, according to a press release from Ripple's official website.
This strategic move is in response to the predicted growth of the institutional crypto custody market, anticipated to reach an impressive $10T by 2030, and Ripple's recognition of the growing demand for enterprise crypto services.
Ripple's CEO, Brad Garlinghouse, referred to the acquisition as a "monumental" move that will significantly augment the company's growing product suite and extend its global footprint. Ripple and Metaco share a common objective: offering secure enterprise-grade solutions to top-tier institutional clients. The acquisition is set to provide Ripple's customers with the technology needed to issue, custody, and settle any kind of tokenized asset, advancing its enterprise offerings.
Established for over a decade, Ripple has consistently addressed the multi-trillion-dollar challenges in the cryptocurrency and blockchain industry. The company's expansion, from cross-border payments and Central Bank Digital Currencies (CBDCs) to liquidity management and tokenization, demonstrates its continuous innovation and growth. The integration of Metaco's solutions, aimed at issuing and settling tokenized assets, is the next evolution in Ripple's product suite.
Metaco's offering, Harmonize™, provides a secure, versatile custody infrastructure for institutions looking to expand into the crypto economy. Its solutions have been widely accepted by the world’s largest custodians, top-tier banks, financial institutions, and corporations. The technology is currently available in several jurisdictions, including Switzerland, Germany, Turkey, France, the UK, the US, Singapore, Australia, Hong Kong, and the Philippines, among others.
Adrien Treccani, Founder and CEO at Metaco, expressed his enthusiasm about the partnership with Ripple, emphasizing that the collaboration would enable Metaco to leverage Ripple's scale and market strength to achieve its goals more quickly.
The institutional interest in crypto custody is apparent, with several established financial institutions expressing their intent to enter this arena. For instance, BNY Mellon is currently offering digital asset custody services to US asset managers, while NASDAQ recently announced its plan to launch crypto custody services for Bitcoin and Ethereum by the end of Q2 2023.
The acquisition signals a bright future for crypto custody as more reputable financial institutions express their interest in the market. Ripple is poised to leverage this opportunity alongside Metaco to offer innovative services to customers, thereby strengthening its position as a leader in the realm of enterprise crypto solutions.
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