KUALA LUMPUR, May 18 (Bernama) -- Ripple, the leader in enterprise blockchain and crypto solutions, announced it has acquired Metaco, a Swiss-based provider of digital asset custody and tokenisation technology for US$250 million. (US$1=RM4.52)
According to a statement, with this acquisition, Ripple will expand its enterprise offerings, providing customers with the technology to custody, issue, and settle any type of tokenised asset.
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.
“Through the strength of our balance sheet and financial position, Ripple will continue pressing our advantage in the areas critical to crypto infrastructure. Bringing on Metaco is monumental for our growing product suite and expanding global footprint,” said Ripple Chief Executive Officer (CEO), Brad Garlinghouse.
Meanwhile, Metaco Founder and CEO, Adrien Treccani said, “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.”
Ripple will become the sole shareholder of Metaco, which will continue to operate as an independent brand and business unit led by Treccani.
Best known for its flagship payments products, Ripple was the first company to address the multi-trillion dollar pain points in cross-border payments utilising blockchain and cryptocurrency.
Currently, Ripple serves hundreds of customers in over 55 countries and six continents with payout capabilities in more than 70 markets.
On the other hand, Metaco offers secure and versatile mission-critical custody infrastructure for institutions to scale new business models in the crypto economy. Its primary offering Harmonize is the institutional standard for digital asset custody and tokenisation infrastructure, chosen by the world’s largest global custodians, top-tier banks, financial institutions and corporates.
-- BERNAMA
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