Ripple announced the acquisition of Swiss-based crypto custody provider Metaco, marking the blockchain firm’s expansion across the growing institutional crypto custody market.
The $250 million acquisition comes to light as Ripple continues to fight off the US Securities and Exchange Commission’s protracted lawsuit.
It is anticipated that Ripple will expand its enterprise capabilities, giving clients access to the technology needed to hold, distribute, and settle any kind of tokenized asset. The two businesses want to take advantage of the expanding institutional crypto custody industry, which is expected to grow to $10 trillion by 2030.
On the other side, Metaco will be able to take advantage of the established base of hundreds of customers and money at the San Francisco-based company to meet additional demand and provide resources for its banking and institutional clients.
Metaco will continue to operate as an independent brand and business unit, while its founder and CEO, Adrien Treccani, will lead its operations.