Ripple Pays $250M to Purchase Custodian Metaco

Ripple, a San Francisco-based enterprise blockchain and payments specialist, has announced that it has acquired Swiss custody firm Metaco in a $250 million deal.

The transaction was funded with a combination of cash and Ripple equity, making Ripple the sole shareholder of Metaco.

However, the firm will still operate as a separate brand, with its founder and CEO Adrien Treccani remaining in charge.

The move signals Ripple’s expansion into providing crypto custody services for institutional investors, and it will offer customers tools to custody, issue and settle tokenized assets.

Metaco, which was founded in Switzerland in 2015, provides its services to global custodians, large banks, financial institutions, and other corporates.