Ripple Acquired Swedish Crypto Custody Provider Metaco

Ripple said on Wednesday that it has acquired Metaco which is a Swiss company that provides safe custody of digital assets on behalf of customers . The San Francisco-based company was still fighting a lawsuit brought by the SEC when news of the purchase that can be considered one of the biggest acquisitions in the crypto market in the previous year or so broke .

Ripple Bought Metaco for $250 Million

The American cryptocurrency company Ripple announced on Wednesday that it will be purchasing the cryptocurrency custody firm Metaco for $250 million . This is considered Ripple’s first major purhcase. According to the company the price was paid using cash and stock in equal parts .
As a custodian, Metaco creates software that banks can use to keep track of their digital assets . Citi, BNP Paribas and the digital asset division of Societe Generale are among its customers .
Ripple’s CEO Brad Garlinghouse called the acquisition of Metaco “monumental” for the company’s developing product lineup and its worldwide reach . Following a hard decline in cryptocurrency values in 2022 and a string of failures at key crypto businesses (notably the FTX exchange in the United States) investor interest has waned a lot . After suffering heavy losses due to crypto platforms halting withdrawals investors have grown more wary about how they keep their cryptocurrencies . Despite this, companies like Ripple try to recover that trust .

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