ven, Mai 19th 2023
Ripple, the U.S.-based leader in enterprise blockchain and crypto solutions, this week announced the acquisition of Metaco, a Swiss-based provider of digital asset custody technology, for $250 million. This is Ripple’s first major acquisition; and represents one of the largest acquisitions in the crypto industry in the past year.
Privately-owned Ripple, valued at $15 billion in its most recent round of financing, is best known for its real-time global payments system for businesses utilizing blockchain and crypto currency.
The Ripple coin is the world’s sixth largest cryptocurrency with around $23 billion of the coin in circulation, according to market tracker CoinGecko. Today, Ripple serves hundreds of enterprise customers in over 55 countries and 6 continents with payout capabilities in 70+ markets.
Founded in 2015 in Switzerland by Adrien Treccani, Metaco is an enterprise technology company whose mission is to enable financial and non-financial institutions to securely store and manage digital assets. Metaco has established itself as the institutional standard for digital asset infrastructure, trusted by the world’s largest global custodians, banks, regulated exchanges, and corporates.
Its clients include Citi, BNP Paribas, and Societe Generale’s digital asset arm. Its technology solutions are currently offered across various jurisdictions, including Switzerland, Germany, Turkey, France, the United Kingdom, the United States, Singapore, Australia, Hong Kong and the Philippines, among others.
The deal is expected to bolster Ripple’s product suite and give it access to an attractive roster of new clients, while expanding its overseas footprint. The strategic fit is enhanced by the fact that both Ripple and Metaco have top-tier institutional customers, and a long history of working with regulated entities to create secure enterprise grade solutions.
In the wake of the FTX collapse and numerous other crypto platforms, secure custody of digital assets has become a heightened priority for financial institutions seeking to enter the crypto space. According to Ripple CEO Brad Garlinghouse, Metaco has “an exceptional executive bench and a truly unmatched customer track record.”
Metaco will dramatically accelerate its growth trajectory through access to Ripple’s established base of hundreds of customers, capital to address new demand, and resources to continue delivering on its commitment to banking and institutional clients.
“At a time when others are closing their doors or facing layoffs, I think it’s a real important signal for the industry, it’s also a signal that ripple’s in a strong position — we’re going to play offense,” Garlinghouse told CNBC.
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