Metaco gets acquired by Ripple for $250 million

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By Degen Lipsa

Metaco is a blockchain and cryptocurrency firm with a focus on tokenization and digital asset custody. It helps both financial and non-financial institutions to safely develop their operations using digital assets. The business is headquartered in Lausanne, Switzerland, and was established in 2015. And now, Ripple has taken over the custody and have announced about the acquisition with sheer excitement.

Ripple and Metaco share a strong crypto DNA, elite institutional clients, and a long history of collaborating with regulated organisations to develop safe enterprise-grade solutions. As a result of this acquisition, Ripple will be able to give its business clients the technology necessary to hold, distribute, and settle any kind of tokenized asset. Through access to Ripple’s established base of hundreds of customers, money to meet additional demand, and resources to keep up with its commitment to banking and institutional clients, Metaco will substantially accelerate its growth trajectory.

Ripple buys Metaco Twitter announcement

“Metaco is a proven leader in institutional digital asset custody with an exceptional executive bench and a truly unmatched customer track record.” ,said Ripple CEO Brad Garlinghouse. 

According to Ripple, expanding into custody solutions would open up new revenue prospects, and the acquisition is part of its aim to extend its presence outside of the US and its hazy regulatory environment.

Brad Garlinghouse, the CEO of Ripple, reportedly predicted that the legal dispute will cost the company over $200 million. He also advised cryptocurrency business owners to avoid locating their operations in the United States. The regulator cannot seal papers related to the 2018 speech on cryptocurrencies and securities by former official William Hinman, according to the court overseeing the Ripple litigation who stated this on Tuesday.

A company spokesperson said that a combination of cash and Ripple equity was used to finance the transaction.

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