After a notable victory in court, Ripple takes a step toward expanding its services.
Ripple, a real-time gross settlement system, currency exchange, and remittance network, unveiled the acquisition of a Swiss blockchain custody company Metaco.
Valued at a whopping $250 million, this acquisition aims to bolster Ripple's enterprise services to include the custody, issuance, and settlement of tokenized assets.
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Ripple developers expressed their enthusiasm about the deal. They asserted that by integrating Metaco, Ripple's growth should accelerate significantly.
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.
Anticipating future market trends, Ripple predicts that by 2030, the institutional crypto-custody market could reach $10 trillion.
On top of that, its studies reveal that “most global finance leaders at financial institutions” will embrace crypto-custody solutions in the next three years. Ripple mentioned the case of BNY Mellon's crypto-custody management plans and Nasdaq's intended launch of crypto-custody services as instances supporting its assertion.
While sharing his thoughts about the deal, Metaco's founder and CEO, Adrien Treccani, was hopeful that Ripple's market strength and scale would assist Metaco in achieving its objectives.
This deal will enable Metaco to leverage Ripple’s scale and market strength to reach our goals and deliver value to our clients at a faster pace. We look forward to continuing to serve unprecedented levels of institutional demand.
One of Metaco's flagship offerings is Harmonize, an institutional-grade digital asset custody, and tokenization infrastructure.
Ripple's CEO, Brad Garlinghouse, concluded the announcement by assuring that Ripple would continue to exert its advantage in critical areas of crypto infrastructure, thereby solidifying its position in the crypto landscape.
In a recent turn of events in Ripple's case against the US Securities and Exchange Commission, Ripple scored a legal victory as the US District Court judge denied the SEC's request to seal records of the institution's internal discussions.