US-based cryptocurrency company Ripple has recently announced its acquisition of Metaco. Metaco is a Swiss-based crypto custody firm and the deal, valued at $250 million, marks Ripple’s foray into the acquisition space.
Metaco specializes in developing cutting-edge technology that enables financial institutions to securely store and effectively manage digital assets. Some of its notable clients comprise Citi, BNP Paribas, and the digital asset arm of Societe Generale.
After the acquisition, Ripple will become the exclusive shareholder of Metaco. It will, however, allow the company to retain its independent brand identity and continue its operations uninterrupted.
Nevertheless, this acquisition holds significant importance for Ripple. Its own cryptocurrency, XRP, currently ranks as the sixth largest in the world based on market capitalization.
Ripple expressed that this acquisition will serve as a catalyst for expanding its institutional offering. Additionally, this will also strength
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