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Ripple acquires Swiss blockchain custody firm Metaco for $250M

Published 05/17/2023, 01:00 PM
Updated 05/17/2023, 02:40 PM
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On May 17, Ripple, creator of the namesake payments network and XRP token, announced it had acquired Swiss digital asset custodian and tokenization provider Metaco for $250 million. With the acquisition, Ripple says it will expand its enterprise offering to custody, issue, and settle tokenized assets. The firm's developers wrote:

Ripple estimates the institutional crypto custody market will reach $10 trillion by 2030. Its research also shows that "most global finance leaders at financial institutions" plan to use crypto custody solutions within the next three years. It cites the examples of BNY Mellon (NYSE:BK)'s crypto custody management plans and the Nasdaq's plans to launch crypto custody services in the second quarter. Adrien Treccani, founder and CEO at Metaco, commented:

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