Ripple Buys Crypto Custody Firm Metaco for $250 Million
On Wednesday, May 17, Ripple revealed that it has acquired Metaco, a Swiss custody firm that holds digital assets like crypto for clients. With this acquisition, the company intends to expand its international presence and widen its service range. Ripple has invested around $250 million from its own balance sheet to complete the arrangement. Ripple CEO, Brad Garlinghouse told CNBC, “This is the largest deal we’ve seen in the last year.” Garlinghouse also took Twitter to welcome Metaco and its executive Adrien Treccani on board. Via this acquisition, Ripple has now expanded into the custody sector. The blockchain company will now be able to support customers with technology that will help them send, settle, and issue any type of tokenized asset. Garlinghouse labeled this to be “massive” and added in the official statement, “Through the strength of our balance sheet and financial position, Ripple will continue pressing our advantage in the areas critical to crypto infrastru...