Ripple Announces $250 Million Acquisition of Swiss Crypto Custody Firm Metaco

Ripple has announced its plan to acquire Metaco, a Swiss-based firm that focuses on crypto custody for institutional investors, for the sum of $250 million. As Ripple is well-known for its payment services and is one of the oldest blockchain-based payment networks, the acquisition of Metaco marks the company’s first major expansion. By incorporating digital asset custody with its forthcoming product suite, Ripple aims to enhance its services and allow customers to custody their digital assets. Ripple CEO Brad Garlinghouse has commended Metaco’s expertise in digital asset custody, with Monica Long, President of Ripple, revealing that the company aims to support customers in using crypto and blockchain for real-world applications by incorporating these capabilities in its growing product solutions.