Blockchain and crypto FinTech Ripple has acquired Metaco, a Switzerland-based provider of digital asset custody and tokenisation technology, for an undisclosed sum.
Ripple said that through the buyout it will expand its enterprise offerings and provide customers with the tech to “custody, issue, and settle any type of tokenised asset”.
Metaco says the move will give it access to Ripple’s client base, as well as the capital and resources to meet demand from banking and institutional clients.
Ripple added that with the institutional crypto custody market is expected to reach $10 trillion by 2030, the purchase will allow it to better service customers looking for crypto and blockchain services.
Ripple will become the sole shareholder of Metaco, which will continue to operate as an independent brand and business led by chief executive and founder Adrien Treccani.
“Metaco is a proven leader in institutional digital asset custody with an exceptional executive bench and a truly unmatched customer track record,” said Brad Garlinghouse, chief executive of Ripple. “Through the strength of our balance sheet and financial position, Ripple will continue pressing our advantage in the areas critical to crypto infrastructure.
“Bringing on Metaco is monumental for our growing product suite and expanding global footprint.”
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