- Ripple today announced that it acquired Metaco.
- After the news, Ripple’s (XRP) value jumped by 5.50%.
- At the time of publication, XRP traded at $0.469.
Ripple announced today that it has acquired Metaco, an independent Swiss provider of digital assets custody and tokenization technologies. The move affirms Ripple’s determination to take on the crypto custody market.
Both Metaco and Ripple share “strong crypto DNA, top-tier institutional customers, and a long history of working with regulated entities to create secure enterprise-grade solutions.”
Growing institutional crypto custody market
Ripple, with this acquisition, will extend its enterprise offerings by providing customers the technology for custody, issuance, and settlement of any tokenized asset. On the other hand, Metaco will accelerate its growth trajectory since it now has access to Ripple’s established customer base, capital, and resources to continue delivering on its commitment to banking and institutional clients.
Brad Garlinghouse said in a statement about the new acquisition:
“Metaco is a proven leader in institutional digital asset custody with an exceptional executive bench and a truly unmatched customer track record. Ripple, with its strong balance sheet and financial standing, will continue to be a leader in crypto infrastructure. Bringing on Metaco is monumental for our growing product suite and expanding global footprint.”
Ripple plans to leverage its acquisition of Coinbase to tap into the growing institutional market for crypto custody, which will reach a projected 10 trillion dollar market capitalization by 2030. Ripple conducted a recent study that showed the majority of enterprises and financial institutions in the world plan to use crypto-custody solutions for their business over the next 3 years.
Reactions to the XRP price
The price of XRP has been on a bullish trajectory in the past two days after a US district ruled against the SEC’s motion to seal Hinman’s speech-related documents. Metaco’s acquisition has given a boost to an existing bullish trend.
The price of XRP/USD has gained 10.62% in the past 7 days.
