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Home Cryptocurrency

Ripple Expands Crypto Offerings with $250 Million Acquisition of Metaco.

Rate Captain by Rate Captain
May 18, 2023
in Cryptocurrency, Markets
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Ripple Expands Crypto Offerings with $250 Million Acquisition of Metaco.
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Blockchain technology company Ripple has made a significant move in the cryptocurrency industry with its acquisition of Metaco, a leading cryptocurrency custody firm based in Switzerland. The deal, valued at $250 million in cash and Ripple equity, will enable Ripple to broaden its range of services by providing custody, issuance, and settlement capabilities for various types of tokenized assets.

Ripple CEO Brad Garlinghouse expressed his enthusiasm for the acquisition, stating, “Metaco is a proven leader in institutional digital asset custody with an exceptional executive team and an unparalleled customer track record.” He added that Ripple’s strong financial position and balance sheet would enable the company to leverage its advantages in critical areas of crypto infrastructure. The incorporation of Metaco into Ripple’s portfolio is seen as a significant development for its expanding product suite and global footprint.

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Ripple is the creator of the Ripple payment protocol, which utilizes XRP as its native cryptocurrency. Over the years, Ripple has collaborated with traditional financial institutions to facilitate the integration of cryptocurrencies and blockchain technology into their existing infrastructure. Although Ripple and XRP are separate entities, Ripple still retains a substantial number of XRP tokens.

In 2020, Ripple and its team faced legal action from the U.S. Securities and Exchange Commission (SEC) due to the nature of XRP token sales. The SEC argued that XRP should have been registered as a security. It is worth noting that Ripple and several executives generated over $1.38 billion in revenue from XRP token sales.

The acquisition of Metaco marks a diversification of Ripple’s activities. Metaco has been instrumental in providing enterprise-grade solutions, including custody, orchestration, and trading services, to institutional clients. Despite the acquisition, Metaco will continue to operate as an independent brand and business unit, signaling Ripple’s intention to leverage its financial strength to build a portfolio of cryptocurrency-focused companies and recover from the legal disputes with the SEC.

This strategic move by Ripple underscores the company’s commitment to advancing the cryptocurrency ecosystem and expanding its presence in the market. As the industry continues to evolve, Ripple aims to position itself as a key player in facilitating the adoption of digital assets within traditional financial systems, fostering innovation, and driving the growth of blockchain-based solutions.

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