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Tokenization Push: Ripple Acquires Crypto Custody Firm Metaco for $250M

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Ripple, the creator of the well-known payments network and XRP token, announced an exciting acquisition of Metaco, a Swiss digital asset custodian and tokenization provider. 

The acquisition marked a significant step forward for Ripple as it expanded its enterprise offering to include custody, issuance, and settlement of tokenized assets. Ripple invested a substantial $250 million to acquire Metaco, following a successful Series A funding round in 2020, where Metaco raised $17 million. 

Metaco had raised $20 million before its acquisition by Ripple, further highlighting the company’s growth and potential in the digital asset industry.

“Metaco is on the verge of a remarkable acceleration in its growth trajectory thanks to the valuable advantages gained from Ripple. By harnessing Ripple’s well-established customer base, securing additional capital to cater to escalating demand, and tapping into valuable resources, Metaco is fully equipped to uphold its unwavering commitment to its banking and institutional clients.”

Metaco Partners with Ripple to Tap into the $10 Trillion Institutional Crypto Custody Market

According to Ripple, they project the institutional crypto custody market to reach an impressive $10 trillion by 2030. Extensive research conducted by Ripple also reveals that most global finance leaders in financial institutions plan to adopt crypto custody solutions within the next three years. 

This trend is exemplified by BNY Mellon’s crypto custody management plans and Nasdaq’s upcoming launch of crypto custody services in the second quarter. Adrien Treccani, the CEO and founder of Metaco, expressed his thoughts on the matter:

“With this partnership, Metaco will leverage Ripple’s vast scale and market strength to expedite the achievement of our goals and deliver exceptional value to our clients. We eagerly anticipate meeting the unprecedented levels of institutional demand and further enhancing our service.”

Metaco, a company established in 2015, has recently made a significant announcement about its flagship product, Harmonize. Harmonize is an institutional standard for digital asset custody and tokenization infrastructure, trusted and used by prominent financial institutions. 

Crunchbase data reveals that Metaco has successfully secured $20 million in funding through four funding rounds before the May 17 announcement. Ripple’s CEO, Brad Garlinghouse, expressed his company’s commitment to maintaining its competitive edge in the essential aspects of cryptocurrency infrastructure.

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