Ripple Officially Acquires Crypto Custodian Startup, Metaco For IDR 3.71 Trillion

Ripple acquisition Metaco (photo: Metaco)

JAKARTA - Ripple, a leader in blockchain companies and crypto solutions, has announced its acquisition of Metaco, a crypto custodian startup or a digital asset storage area and Swiss-based tokenization technology for US$250 million or around Rp3.7 trillion.

With this acquisition, Ripple will expand its company offering, by providing customers with access to Metaco's cutting-edge technology to store, publish and complete all types of token assets.

Meanwhile, Metaco will accelerate its growth trajectory through access to hundreds of Ripple customers, capital to meet new demand, and resources to continue to realize its commitments to banking and institutional clients.

"Metaco is a proven leader in the storage of institutional digital assets with extraordinary executive benches and truly unmatched track records of customers," said Brad Garlinghouse, Ripple CEO in a written statement, quoted Thursday, May 18.

https://twitter.com/Ripple/status/1658807209646604288?t=Au3zpEm5JRm9uKQbo4Rnyw&s=19

Garlinghouse also revealed Ripple will continue to suppress their advantages in important areas for crypto infrastructure. "Introducing Metaco is very important for our growing and global footprint series of products," he added.

Famous for its flagship payment product, Ripple is the first company to address the multi-trillion dollar problem in cross-border payments using blockchain and cryptocurrencies.

Currently, Ripple serves hundreds of customers in more than 55 countries and 6 continents with payment capabilities in the 70+ market.

On the other hand, Metaco offers a safe and versatile mission-critical safeguarding infrastructure for institutions to scale new business models in the crypto economy.

Metaco's main offer is Harmonize, an institutional standard for digital asset storage and tokenization infrastructure, selected by the world's largest global custodians, top banks, financial institutions, and companies.

Tech solutions for Metaco are currently offered in various jurisdictions, including Switzerland, Germany, Turkey, France, Great Britain, the United States, Singapore, Australia, Hong Kong, and the Philippines.

Our mission has always allowed institutions to develop in the digital asset economy with the help of our core infrastructure and expertise, and we are delighted to be joining a team at Ripple, which has the same passion," concluded Adrien Treccani, Founder and CEO at Metaco.

In this agreement, Ripple will become Metaco's sole shareholder, which will continue to operate as an independent brand and business unit led by Founder and CEO Adrien Treccani.