In an announcement, Ripple, the renowned blockchain and cryptocurrency company, revealed its acquisition of Metaco_SA, a Swiss-based provider of digital asset custody and tokenization technology.
This strategic move positions Ripple as the sole shareholder of Metaco and signifies its entrance into the rapidly expanding institutional crypto custody market.
According to the company’s recent blog post, the institutional crypto custody market is projected to reach an astonishing $10 trillion by 2030. Ripple’s research reveals that most global finance leaders in financial institutions and enterprises intend to adopt crypto custody solutions within the next three years.
It mainly relies on third-party providers, acknowledging the importance of custody in enterprise crypto services.
Accelerated Growth For Metaco: Leveraging Ripple’s Resources
The union of Ripple and Metaco is underpinned by their shared crypto DNA, top-tier institutional clientele, and a successful track record of collaborating with regulated entities to deliver secure enterprise-grade solutions.
Through this acquisition, the company aims to enhance its enterprise offerings by providing customers with cutting-edge technology to custody, issue, and settle any type of tokenized asset.
Meanwhile, Metaco will experience accelerated growth by leveraging Ripple’s extensive customer base, financial resources, and commitment to serving banking and institutional clients.
Brad Garlinghouse, CEO of Ripple, expressed his enthusiasm about the acquisition, stating:
Metaco is a proven leader in institutional digital asset custody with an exceptional executive bench and a truly unmatched customer track record. Bringing on Metaco is monumental for our growing product suite and expanding global footprint.
Metaco, known for its secure and versatile custody infrastructure, offers institutional clients the means to scale new business models in the crypto economy.
The partnership between Ripple and Metaco sets the stage for the future of crypto custody. Established players in the financial industry, such as BNY Mellon and NASDAQ, have already begun exploring opportunities in this realm.
BNY Mellon offers digital asset custody for asset managers in the US, while NASDAQ plans to launch crypto custody services for Bitcoin and Ethereum by the end of Q2 2023.
With the participation of such influential financial institutions, the crypto custody market is poised for substantial growth, creating new business opportunities and use cases for digital assets.
However, Ripple is eager to collaborate closely with the Metaco team to capitalize on these prospects, introduce innovative services to customers, and solidify its position as a leader in enterprise crypto solutions.
Related Reading | Rebranded Bitcoin Scaling Protocol Debuts On Testnet