• Sun. Jul 14th, 2024

Ripple Buys Off Switzerland Blockchain Custody Company For $250 Million

Maria Bartiromo

ByMaria Bartiromo

May 19, 2023

The big story coming from the cryptocurrency industry says that the San Francisco-based blockchain business Ripple has announced that it will pay $250 million to acquire Swiss blockchain custody firm Metaco. The action demonstrates Ripple’s dedication to growing its institutional cryptocurrency custody products and its confidence in the market’s potential growth.

Ripple predicts that the institutional crypto custody market would reach $10 trillion by 2030, which coincides with the acquisition. It is said that by Ripple making this deal, they will  establish itself as a market leader and offer dependable custody services to institutional investors.

According to Crunchbase, Metaco, which was established in 2015, had received $20 million in funding before the official announcement on May 17. The business is renowned for its skill in offering scalable and secure solutions for managing digital assets, including custody, trading, and tokenization. 

SILO, the company’s core product, allows organizations to securely store and manage their digital assets and interfaces with current financial systems. It was explained that the platform offers a highly secure environment for holding and managing digital assets because it is developed using the most recent cryptographic technologies.

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The purchase of Metaco is a component of Ripple’s larger goal to broaden its institutional capabilities and meet the rising need for custody services for digital assets. The business has already made great strides in this sector, with institutional investors showing interest in its On-Demand Liquidity (ODL) technology, which allows for cross-border payments utilizing digital assets.

Reasons For The Acquisition Of Metaco Explained 

The purchase of Metaco by Ripple coincides with the beginning of research into digital asset custody solutions by other major financial institutions. For instance, Nasdaq intends to start its cryptocurrency custody services in the second quarter, while BNY Mellon just revealed its ambitions to offer crypto custody services to its clients.

Financial institutions’ increased interest in digital asset custody solutions underlines both the necessity for secure and dependable custody solutions and the growing general acceptance of digital assets. Experts say that the organizations like Ripple and Metaco are ideally positioned to profit from this trend because the institutional crypto custody industry is anticipated to grow quickly over the coming decade.

Additionally, it is worthy to note that important to Hong Kong’s ambitions to expand its digital asset market is the acquisition of Metaco. Despite legal ambiguity and difficulties, Hong Kong is defying global trends by advancing the development of its digital asset market.

Company Developers Express Optimism, As Experts Sights Major Growth 

Meanwhile, developers at Metaco have expressed their excitement about the latest development, while expecting nothing less than exponential growth. One of the developer’s tools to his Twitter handle to predict that this acquisition of  Metaco will speed up the company’s growth, considering Ripple’s already established customer base.

He also stressed that this will go a long way to solve the company’s shortage of running costs which will solve its demand problem. He went ahead to express optimism about Metaco’s abilities to deliver its promise to its institutional and corporate customers.

Brad Garlinghouse, Ripple’s CEO, while speaking on this development also expressed his excitement when he made the official announcement on his Twitter handle. In his tweet, he made it public that Ripple is now the only shareholder in Metaco. 

Companies like Ripple and Metaco are well-positioned to capitalize on this trend and offer secure and dependable custody solutions to institutional investors, with the institutional cryptocurrency custody market expected to exceed $10 trillion by 2030. Analysts say that it will be interesting to watch how businesses like Ripple and Metaco react to the shifting needs of their customers as the market for digital assets continues to change.

On the other hand, industry stakeholders have added that the $250 million purchase of Metaco by Ripple represents a significant development in the market for digital asset custody. The acquisition demonstrates Ripple’s dedication to growing its institutional products and its confidence in the market’s potential growth.

Maria Bartiromo

Maria Bartiromo

Maria Bartiromo is a renowned news writer and journalist, celebrated for her insightful reporting and authoritative voice. With a career spanning years, she has established herself as a trusted source of accurate and comprehensive news analysis, keeping readers informed on vital global developments.

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