The American company Ripple spent 250 million dollars to afford Metacothe crypto custody platform preferred by large financial institutions.
This Wednesday, Ripple announced the acquisition of crypto service provider Metaco for the sum of 250 million dollars.
The deal will allow the blockchain specialist to enter the institutional market of the digital asset custody. Founded in Switzerland in 2015, Metaco already serves several banking giants such as Societe Generale, Citigroup, BNP Paribas and Dekabank.
Following the buyout, Metaco will continue to operate independently. Ripple for its part, plans to consolidate its product suite by offering custody, settlement and issuance solutions for “all types of tokenized assets.”
According to Ripple president Monica Long, the institutional crypto-currency market is expected to reach $10T by 2030. The acquisition of Metaco thus gives the fintech a head start in this segment.
Metaco is a recognized leader in institutional digital asset custody with an outstanding management team and a truly unparalleled customer history,” trumpeted Brad Garlinghouse, Ripple’s boss.
The founder of Metaco also welcomed the deal. “Our mission has always been to enable institutions to thrive in the digital asset economy using our infrastructure and expertise, and we are thrilled to partner with the team at Ripple who share this passion,” said Adrien Treccani.
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