Blockchain firm Ripple has acquired Swiss crypto custody provider Metaco in a $250 million deal. This acquisition represents Ripple’s entry into the burgeoning institutional crypto custody market, which the company anticipates could reach $10 trillion by 2030.
Metaco’s flagship product, Harmonize, is utilized by major global custodians and top-tier banks, including Societe Generale, along with various corporate clients. The company’s technology is deployed across multiple jurisdictions, including Switzerland, Germany, Turkey, France, the United Kingdom, the United States, Singapore, Australia, Hong Kong, and the Philippines.
Post-acquisition, Metaco will function as an independent brand and business unit under the leadership of CEO Adrien Treccani, while also gaining access to Ripple’s extensive customer base and additional capital.
For Ripple, this acquisition enhances its position internationally amidst increasing regulatory challenges in the US. The firm has been engaged in a prolonged legal battle with the SEC, which alleges the unregistered sale of approximately $1.3 billion worth of XRP tokens. CEO Brad Garlinghouse has indicated that this legal dispute could cost Ripple around $200 million.
Garlinghouse commented on the Metaco acquisition, stating, “Through the strength of our balance sheet and financial position, Ripple will continue pressing our advantage in the areas critical to crypto infrastructure. Bringing on Metaco is monumental for our growing product suite and expanding global footprint.”