Popular blockchain payment protocol, Ripple has purchased Metaco, a Swiss-based custodian of cryptocurrencies. The protocol announced its acquisition of the firm in its Wednesday blog post. Prior to this development, both firms have shared and maintained a long history of working relationship.
According to reports, Ripple and Metaco worked together with other regulated firm to create secure enterprise-grade solutions. Also, both organizations shared a strong crypto DNA and top-tier institutional customers.
Worthy of note that that Ripple aims to leverage on the acquisition to expand its offering across board. It seeks to provide users with the needed technology to enable them to take custody, issue and settle any type of tokenized asset. Metaco will also bank on it to accelerate its growth by tapping into Ripple’s established user base. Additionally, Metaco plans to harness Ripple resources to continuously deliver its commitment to banking and institutional clients.
Ripple CEO, Brad Garlinghouse made his remarks about the acquisition. He described Metaco as a leader in institutional digital asset custody. He further that the firm has a distinguished executive bench and outstanding customer records. Garlinghouse further expressed the willingness of Ripple to harness the strength of its balance sheet and financial position to continuously provide solutions to lacking areas in Metaco’s crypto infrastructure. The CEO sees the acquisition of Metaco as a great step to ensuring the continuously distinguished executive bench and outstanding customer records.
Ripple seeking to grow and expand its services across board
Remarkably, Ripple has been able to grow and expand its services through it long years of experience in addressing and solving difficult problem for enterprises and customers. The protocol offers varieties of services such as cross-border payments and CBDCs, liquidity management, and tokenization, among others. Today, Ripple is notable for its technique of allowing customers to take custody, issue, and settle tokenized assets.
Additionally, Ripple Head of Custody, Sagelar Shah also commented on the development. According to him, the ideology and technology enveloped in Metaco makes it a perfect partner for Ripple. He further that the goal of the firm is to avail critical crypto infrastructure for businesses.
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