Metaco raised $17 million in a Series A funding round in 2020. The company raised $20 million in total before being acquired.
On May 17, Ripple, creator of the namesake payments network and XRP token, announced it had acquired Swiss digital asset custodian and tokenization provider Metaco for $250 million. With the acquisition, Ripple says it will expand its enterprise offering to custody, issue, and settle tokenized assets. The firm’s developers wrote:
“Metaco will dramatically accelerate its growth trajectory through access to Ripple’s established base of hundreds of customers, capital to address new demand, and resources to continue delivering on its commitment to banking and institutional clients.”
Stay in the know on crypto by frequently visiting Crypto News Today
Ripple estimates the institutional crypto custody market will reach $10 trillion by 2030. Its research also shows that “most global finance leaders at financial institutions” plan to use crypto custody solutions within the next three years. It cites the examples of BNY Mellon’s crypto custody management plans and the Nasdaq’s plans to launch crypto custody services in the second quarter. Adrien Treccani, founder and CEO at Metaco, commented:
“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. We look forward to continuing to serve unprecedented levels of institutional demand.”
Metaco’s primary offering is Harmonize, an institutional standard for digital asset custody and tokenization infrastructure that the firm says is used by major financial institutions. Founded in 2015, Metaco has raised $20 million through four rounds before the May 17 announcement, according to Crunchbase. “Ripple will continue pressing our advantage in the areas critical to crypto infrastructure,” commented Ripple’s CEO Brad Garlinghouse.
Read More at COINTELEGRAPH
Please Read Essential Disclaimer Information Here.
© 2022-2023 Crypto Caster provides information. CryptoCaster.world does not provide investment advice. Do your research before taking a market position on the purchase of cryptocurrency and other asset classes. Past performance of any asset is not indicative of future results. All rights reserved.
Consider Donating to CryptoCaster℠ Via Wallet Coin/Token Addresses Below.
BTC – bc1qgdnd752esyl4jv6nhz3ypuzwa6wav9wuzaeg9g
ETH – 0x7D8D76E60bFF59c5295Aa1b39D651f6735D6413D
MATIC – 0x7D8D76E60bFF59c5295Aa1b39D651f6735D6413D
LITECOIN – ltc1qxsgp5fykl0007hnwgl93zr9vngwd2jxwlddvqt