Today Ripple announced it is paying $250 million to acquire 100% of Metaco, the Swiss digital asset custody firm. Metaco’s technology is used by a raft of mainstream banks. Since mid-2021 alone, it has signed up BNP Paribas Securities Services, SocGen Forge, Citi as well as German banks DekaBank and DZ Bank. Other banking clients include DBS, BBVA and Standard Chartered’s Zodia Custody.
Metaco is one of the few major custody firms not to have done massive capital raisings. It has raised just $20 million, including $17 million in 2020. In contrast, custody firms such as Copper and Anchorage have raised hundreds of millions, and Fireblocks over a billion.
Founder and CEO Adrien Treccani will stay on as CEO with Metaco being run as a separate brand.
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