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“Ripple Expands its Reach: Acquisition of Metaco for $250 Million”

ripple expands its reach acquisition of metaco for 250 million

Ripple, which woke up with the news of the refusal to seal the Hinman Documents is on the agenda with a brand new development. Ripple announced that it acquired Metaco for $250 million dollars.

Ripple, which has been in a legal battle with the US Securities and Exchange Commission (SEC) announced that it has acquired well known custody company Metaco.

According to a May 17 report by The Block, Ripple will now be able to offer its customers tokenized asset custody, issuance services and payment instruments.

Although Ripple has acquired Metaco, which allows financial institutions to store and manage digital assets, the company will continue to operate as an independent brand. In addition, Metaco founder and CEO Adrien Treccani will continue to lead the entire company.

Ripple CEO Brad Garlinghouse made some statements about Metaco after the acquisition:

’Metaco is an exceptional asset management company and has a truly unique client base. Metaco is
a leader in institutional digital asset custody. 

ripple expands its reach acquisition of metaco for 250 million 2

Ripple’s Big Metaco Breakthrough

Launched in 2015, Metaco provides services to many companies such as major banks and global escrow companies and financial institutions. Metaco’s clients include Citi, BNP Paribas and Societe Generale. 

Metaco, a digital asset custodian company, already provides services in markets such as Switzerland, Germany, Turkey, France, the United Kingdom, the United States, Singapore, Australia, Hong Kong and the Philippines. However, given that Ripple also provides services in more than 55 countries, the acquisition between the two companies marks a major initiative.

On the other hand, there is a legal process between the SEC and Ripple that has been waiting to be finalized for years. Ripple and the XRP community woke up to good news. As it is known, William Hinman, the former finance director of the SEC, made statements in 2018 that Ethereum (ETH) is not a security. Thereupon, the SEC requested that Hinman’s statements be sealed.

However, Judge Analisa Torres, who handled the SEC and Ripple case, refused to seal the Hinman Documents last evening. With this news, there was a festive atmosphere in the Ripple community, while the company side considered the decision as a victory.The XRP price also increased slightly with the decision announced regarding the Hinman Documents. The court’s refusal to seal the Hinman Documents caused the XRP price to gain 10 percent overnight.

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