Ripple Acquires Crypto Custody Firm Metaco In $250 Million Deal
2023年5月18日 - 6:30AM
NEWSBTC
US-based cryptocurrency company Ripple has recently announced its
acquisition of Metaco. Metaco is a Swiss-based crypto custody firm
and the deal, valued at $250 million, marks Ripple’s foray into the
acquisition space. Metaco specializes in developing cutting-edge
technology that enables financial institutions to securely store
and effectively manage digital assets. Some of its notable clients
comprise Citi, BNP Paribas, and the digital asset arm of Societe
Generale. Related Reading: Polkadot Latest Update Fuels
Anticipation Of Higher Price For DOT After the acquisition, Ripple
will become the exclusive shareholder of Metaco. It will, however,
allow the company to retain its independent brand identity and
continue its operations uninterrupted. Nevertheless, this
acquisition holds significant importance for Ripple. Its own
cryptocurrency, XRP, currently ranks as the sixth largest in the
world based on market capitalization. Ripple expressed that this
acquisition will serve as a catalyst for expanding its
institutional offering. Additionally, this will also strengthen its
position in the cryptocurrency market. By integrating Metaco’s
expertise and technology, Ripple aims to enhance its capabilities
in providing secure storage and management solutions for digital
assets. Investor Caution Has Been Growing Regarding Crypto Asset
Storage Following a decline in cryptocurrency prices in 2022 along
with notable collapses of major crypto firms like the U.S. exchange
FTX, investor enthusiasm for crypto assets has waned. A critical
factor contributing to this shift in sentiment is the growing
alertness among investors regarding the storage of crypto assets.
Several crypto platforms had frozen their withdrawals resulting in
significant losses for investors. This has prompted them to choose
and prioritize secure storage solutions to store their digital
assets. Anticipating a surge in demand from institutional
investors, Ripple CEO Brad Garlinghouse expressed his expectation
for an upswing in the need for crypto custody services. He also
stated: By focusing on the infrastructure … you’re not really
subject to the same gyrations of the crypto winters. If ultimately
you’re solving a clear problem at scale for these customers,
there’s going to be demand there. Amidst the intensifying
enforcement actions by US regulators against crypto firms, CEO Brad
Garlinghouse highlighted the added appeal of Metaco, being based in
Switzerland and having a workforce comprised of non-US employees.
Garlinghouse emphasized that the regulatory landscape in markets
outside the United States offers greater and better clarity. This
enables companies to make sound and informed investments. Related
Reading: Decentraland (MANA) Leads Crypto Market Gains, Here’s Why
He noted that these transparent and well-defined rules in other
jurisdictions have been responsible for creating an environment
conducive to business growth and innovation. Following its recent
private financing round, Ripple was valued at $15 billion even
though the company had encountered a significant level of
regulatory ambiguity. The uncertainty escalated when the Securities
and Exchange Commission (SEC) filed a lawsuit against the company
and two of its executives, alleging the sale of unregistered
securities. This legal action has further added to the regulatory
challenges faced by the crypto giant. Featured Image From, Charts
From TradingView.com
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