US remittance system Ripple acquired Metaco to leverage the company’s resources and entrench itself in the emerging crypto custody market.
Ripple has acquired Swiss-based Metaco for $250 million as part of the remittance network’s expansion into institutional crypto custody. The acquisition also comes amid a favorable ruling for Ripple in its ongoing lawsuit with the Securities and Exchange Commission (SEC).
Ripple’s acquisition of Metaco underpins the US-based tech platform’s faith in the tokenization space. Speaking to Decrypt, Ripple’s head of custody Sagar Shah predicts that the institutional crypto custody market will hit $10 trillion by 2030. The company’s Metaco acquisition now sees Ripple prepare for the boom as the sole shareholder of the digital asset custody company. Nonetheless, Metaco would continue operations as an independent brand.
📢 Today, we announce that Metaco becomes part of @ Рипл, joining forces in providing exceptional mission-critical software infrastructure solutions that empower institutions to thrive in the rapidly evolving digital asset economy.
To learn more: https://t.co/U68za92n6o pic.twitter.com/scPwNrYfQi— Метако (@metaco_sa) Може 17, 2023
Ripple seeks to expand its institutional offerings to customers, using Metaco’s resources, while the Swiss company expects to benefit from Ripple’s established customer base.
Ripple & Metaco CEOs Comment on Acquisition Advantages
Weighing in on Metaco and the immediate advantages it brings to the table, Ripple chief executive officer Brad Garlinghouse pointed out:
„Metaco е докажан лидер во институционално чување на дигитални средства со исклучителна извршна клупа и навистина неспоредлив досие на клиентите. Преку силата на нашиот биланс на состојба и финансиската позиција, Ripple ќе продолжи да ја притиска нашата предност во областите клучни за крипто инфраструктурата. Воведувањето на Metaco е монументално за нашиот растечки пакет на производи и за проширување на глобалното влијание“.
Meanwhile, Metaco founder and CEO Adrien Treccani said Ripple shares his company’s passion for helping institutions thrive with digital assets. “We are delighted to join forces with the team at Ripple,” Treccani gushed, adding that Metaco would leverage the remittance network’s resources.
The Metaco chief executive pointed out that Ripple’s scale and market strength would speed up achieving goals. Treccani said Metaco would continue to serve its clients’ institutional demand with “the utmost excellence in delivery”.The Swiss company provides institutions with requisite tokenization tools and custody infrastructure to scale new crypto-focused business models. Companies that have used, or are using, Metaco’s services include Citigroup (NYSE: C), Bank BNP Paribas, and Union Bank.
Future of Digital Assets Is Tokenization
Ripple views its Metaco acquisition as a long-term play for supremacy in the digital assets space. The currency exchange and remittance network hopes to leverage explosive crypto market growth by combining forces with the Swiss platform. According to Ripple’s head of custody Sagar Shah, crypto assets under custody could surpass $10 trillion by the decade’s end. Shah further added that most of these assets would be driven by institutional adoption. In an email to Decrypt, the Ripple executive described the acquisition as a “natural progression” to servicing customers’ needs. These services include the ability to custody, issue, and settle all tokenized assets while tapping a new revenue stream for the company.
Investment powerhouse BlackRock also echoed Ripple’s take on the future of tokenization. Early last December, CEO Larry Fink described the tokenization of securities as the “next generation of markets”.
Elsewhere, Citibank’s finance executive Ronit Ghose said tokenization could drive up blockchain value immensely by 2030.
следната
Толу е ентузијаст за криптовалентност и блокчејн со седиште во Лагос. Тој сака да ги демистифицира крипто-приказните до голите основи, така што секој каде било може да разбере без премногу знаење во позадина.
Кога тој не е длабок во вратот во крипто приказните, Толу ужива во музиката, сака да пее и е страствен movieубител на филмови.
Source: https://www.coinspeaker.com/ripple-acquires-metaco-250m/