Fintech startup Ripple and Swiss-based crypto custodian Metaco have agreed to take over the latter. The deal will amount to $250 million.
Today, we are proud to announce Ripple has acquired @metaco_sabecoming the sole shareholder of the Swiss-based provider of digital asset custody and tokenization technology.
Learn more: https://t.co/GrI3u13iDT
— Ripple (@Ripple) May 17, 2023
Payment will be made in cash and shares in the capital of the startup.
Metaco will retain the brand and Custodian founder and CEO Adrien Trechkani will continue to lead the business.
Thanks to the purchase, Ripple will be able to offer customers tools for storing, issuing and settling with tokenized assets.
“Metaco’s integration makes a huge difference to our product portfolio and growing global footprint,” Ripple CEO Brad Garlinghouse commented.
Founded in Switzerland in 2015, Metaco focuses on serving global custodians, large banks, financial institutions. Harmonize’s core product helps investors manage storage, trading, tokenization, staking, and smart contracts in the DeFi ecosystem.
Metaco is present in a number of markets including Switzerland, Germany, Turkey, France, UK, USA, Singapore, Australia, Hong Kong and the Philippines.
According to Ripple President Monica Long, the company is “uniquely positioned to serve the growing institutional cryptocurrency storage market, which has the potential to grow to $10 trillion by 2030.”
Recall that the judge in the case SEC v. Ripple denied the Commission’s request to seal documents related to a 2018 speech by former regulator employee William Hinman. Garlinghouse called the decision a victory in the fight for transparency. The XRP token reacted to the verdict with growth.
Earlier, the CEO of Ripple announced that he was considering buying FTX assets.
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