1 year ago
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Providing custody and tokenization services for institutions
Ripple announced today that it has acquired Switzerland-based digital asset custody firm Metaco for approximately ¥34.4 billion ($250 million).
This will allow Ripple to expand its institutional offerings and provide customers with the technology to store, issue and settle all types of tokenized assets, including cryptocurrencies.
Ripple will become the sole shareholder of Metaco, but Metaco will continue to operate as an independent brand and business unit led by current CEO Adrian Treccani.
Metaco also expects to accelerate its growth with Ripple’s broad customer base, access to capital to meet new demand and resources to serve its banking and institutional customers.
What is custody
Refers to holding and managing assets on behalf of investors. A term widely used for assets other than virtual currency. It refers to a service that performs a wide range of operations, such as asset custody, settlement related to trading, receipt of principal and interest, dividends, and exercise of voting rights. A company that performs custody is called a custodian.
Cryptocurrency Glossary
Ripple CEO Brad Garlinghouse said:
Building on the strength of our balance sheet and financial position, Ripple will expand our strengths in a variety of areas critical to cryptocurrency infrastructure.
The acquisition of Metaco is important for the growth of our product portfolio and global footprint.
What is Metaco
Metaco is a company founded in Switzerland in 2015. Its main product is Harmonize, a platform for the orchestration (organization and integration) of digital assets.
Harmonize is a platform that allows financial institutions to seamlessly connect to the decentralized finance (DeFi) ecosystem, from cryptocurrency storage and trading to tokenization, staking, and smart contract management.
Metaco’s services allow institutional customers to store, trade, issue and manage various types of digital assets such as cryptocurrencies, digital securities and NFTs (non-fungible tokens) with high security and fast speed.
Metaco already has partnerships with major financial institutions. For example, in February, it launched a partnership with leading German securities services provider DekaBank for digital asset custody for institutional investors.
connection: Major German securities company to provide cryptocurrency-related services for institutional investors
Also, in June 2022, we will start partnering with major global bank Citi to develop and test a digital asset custody platform.
connection: Partnership with financial giant Citi and cryptocurrency company METACO
Movements of major financial institutions
Citing that BNY Mellon and Nasdaq have also embarked on digital asset custody services, Ripple said the move by financial giants suggests growth and business opportunities not only in custody, but in the broader cryptocurrency sector. Stated.
We will continue to seize these opportunities through our partnership with Metaco.
connection: US Nasdaq to launch virtual currency custody service soon
The post Ripple Acquires Crypto Custody Firm Metaco appeared first on Our Bitcoin News.
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