- This deal came during a years-long dispute between the SEC and Ripple.
- Thus, Ripple will increase its presence abroad
- The company will become the sole shareholder of Metaco
Cryptocurrency company Ripple acquired Metaco is a Swiss custodial startup that provides cryptocurrency storage services. With this deal, Ripple is expected to expand its product portfolio and expand its customer base.
Ripple said in a statement that the acquisition is part of a strategy to expand its presence outside the US and an uncertain regulatory environment. The company also seeks to provide services for the storage of cryptocurrencies to institutional investors.
Brad Garlinghouse, CEO of Ripple, stated:
“This is the biggest deal we’ve seen in the past year. At a time when others are closing their doors or being threatened with layoffs, I think this is a really important signal for the industry, it is also a signal that Ripple is in a strong position – we will play in character.”
In addition, Brad added that this deal is a sign that Ripple can still make significant deals, even despite pressure from the SEC.
As a result, Ripple will become the sole shareholder of Metaco, but the company will still operate as an independent brand. Metaco operates not only in Switzerland, but also in countries such as Germany, Turkey, UK, USA, Singapore, Australia, Hong Kong and the Philippines.