On May 17th, Ripple, the company behind XRP, announced the acquisition of Metaco, a Swiss provider of digital asset custody and tokenization technology. The move is one step forward in the company’s intention to enter the cryptocurrency custody market.
According to Ripple’s statement, this acquisition will allow them to expand their business offering by providing customers with the ability to custody, issue, and settle tokenized assets.
Both companies have a strong and recognized track record in the cryptocurrency industry, so their union will facilitate the growing institutional demand, creating secure high-level business solutions.
Ripple wants to enter the institutional cryptocurrency custody market
Brad Garlinghouse, CEO of Ripple, said that the acquisition of Metaco, a leading company in institutional digital asset custody, is a milestone in achieving their global expansion goals.
“Through our strong financial position, Ripple will continue to leverage our advantage in critical areas of crypto infrastructure. The addition of Metaco is a significant step for our expanding product suite and global footprint.”
Sagar Shah, Head of Custody at Ripple, stated that the company considers Metaco as the perfect partner due to their technology, market fit, customer base, and exceptional team. He further added that Ripple is excited to support Metaco in delivering “high-quality products and services” while enabling faster and more efficient business growth.
“Metaco’s technology, product-market fit, customer base, and exceptional team make them the perfect partner for Ripple as we aim to provide essential crypto infrastructure to enterprises.”
Adrien Treccani, founder and CEO of Metaco, affirmed that the alliance with Ripple would allow Metaco to thrive in the digital asset economy by providing greater value to their customers, and leveraging Ripple’s market scale and strength.
Metaco offers tools for tokenization and custody infrastructure
Metaco is a company known for its secure and versatile custody infrastructure, with its “Harmonize” solution being the preferred choice of institutional clients for digital asset custody.
Metaco’s technological solutions are available in various jurisdictions worldwide, including Switzerland, Germany, Turkey, France, the United Kingdom, the United States, Singapore, Australia, Hong Kong, and the Philippines, among others.
Therefore, the acquisition of Metaco could help Ripple achieve faster global commercial growth, offering new services to its customers while maintaining its leadership in enterprise cryptocurrency solutions.
As reported by ZyCrypto, Ripple recently achieved a victory as a court denied the SEC’s request to prevent them from being compelled to disclose documents in which their former executive explained why he believed Ethereum was not a security. This could strengthen their argument that XRP meets the same criteria as ETH, providing a strong basis for their victory. XRP experienced a percentage increase following the publication of this news.