Blockchain company Ripple has made a major move into the crypto custody and tokenisation market following its acquisition of fintech Metaco.
Metaco provides the platform that has been used by several asset servicers for their crypto custody offerings, including Citi and BNP Paribas Securities Services.
The $250 million transaction will enable Ripple’s customers to custody, issue and settle a range of digital assets. It is also Ripple's first significant step into the lucrative crypto custody market - which according to Ripple forecasts, will be worth $10 trillion by 2030.
In return, Metaco believes it can benefit from its acquirer’s broader client base and resources.
Metaco will also continue to operate as an independent brand led by its founder and CEO, Adrien Treccani.
“This deal will enable Metaco to leverage Ripple’s scale and market strength to reach our goals and deliver value to our clients at a faster pace,” said Treccani.
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