Bitrabo Editorial
Ripple is strengthening its position as a digital asset custody provider through the acquisition of Metaco, a top Swiss company in the field, for $250 million in May 2023. This move marks a significant step for Ripple into the institutional crypto custody market, which is anticipated to grow substantially in the coming years.
Metaco’s Solutions Integrated into Ripple’s Platform
Ripple officially announced the integration of Metaco’s services into its offerings. In a statement on the platform, Metaco highlighted the consolidation, stating that all updates and news on institutional-grade custody solutions would now be available on Ripple. This alignment signifies a strategic merger of technologies and services between the two entities.
A notable member of the XRP community, WrathofKahneman, shared insights on the integration, emphasizing the transformation of Metaco’s web front as Ripple’s ‘Institutional Digital Asset Custody Platform’ page. The move has sparked curiosity within the community about its implications on various investor groups and Ripple’s overall strategy.
Chad Steingraber, another community influencer, underscored the significance of Ripple’s transition into a holistic Digital Asset Custody Service, illustrating the company’s evolution from a payment protocol provider to a comprehensive financial technology platform offering institutional-grade digital asset solutions.
The new service page outlines the offerings, emphasizing access to the digital asset ecosystem, tailored business models, custody benefits, and the critical role it plays in unlocking value and enabling innovative use cases across various asset functions.
Ripple’s acquisition of Metaco not only broadens its technological foundation but also aligns with its strategic goal of leading in the enterprise crypto services space. Metaco’s leading product, Harmonize, sets the standard in digital asset custody and tokenization, widely adopted by major custodians, banks, and financial institutions globally.
Despite the acquisition, Ripple had previously stated that Metaco would operate independently under its existing leadership. However, the recent developments suggest a slight shift from this initial approach, reflecting Ripple’s commitment to establishing itself as a key player in the evolving digital asset market.
As of now, XRP is trading at $0.49824.