The growing institutional custody market for cryptocurrencies is expected to reach a staggering $10 trillion by 2030. Custody is a key aspect of the infrastructure required for institutional crypto services, and recent research by Ripple shows that most of the global finance leaders in financial institutions and companies have They plan to use cryptocurrency custody solutions in their business over the next three years – primarily through a third-party provider.
Ripple and Metako team up
Ripple is taking over the crypto custody market and is excited to announce its acquisition of Metaco, a Swiss provider of digital asset custody and tokenization technologies.
Ripple and Metaco share strong cryptographic DNA, top-tier institutional clients, and a long history of working with regulated entities to create secure, enterprise-grade solutions. With this acquisition, Ripple will expand its institutional offering to provide customers with the technology to hold, issue and settle any type of tokenized asset. Metaco will significantly accelerate its growth trajectory with access to Ripple’s established base of hundreds of clients, the capital to meet new demand, and the resources to continue fulfilling its commitment to banking and institutional clients.
“Metaco is a proven leading institutional digital asset custodian with an exceptional executive seat and a truly unmatched client track record,” said Brad Garlinghouse, CEO of Ripple. “Through the strength of our balance sheet and financial position, Ripple will continue to press our advantage in critical areas of cryptocurrency infrastructure. Bringing on Metaco is massive for our growing suite of products and expanding our global footprint.”
The next development in Business encryption solutions
Ripple’s 10+ year history of addressing multi-billion dollar pain points with blockchain and cryptocurrency, solving the toughest problems for enterprise customers, has enabled the company to grow and expand. From cross-border payments and CBDCs, to liquidity and token management, Ripple’s product and solution offerings, and global network of partners and clients continue to innovate and evolve. Enabling customers to hold, issue and settle these token assets is a natural next step in both the company’s and the industry’s evolution.
Metaco delivers secure and versatile mission-critical infrastructure to organizations to scale new business models in the crypto economy. Its core offering Harmonize™ is the institutional standard for digital asset custody and token infrastructure, chosen by the world’s largest custodians, top-tier banks, financial institutions and corporations. Metaco’s technology solutions are currently offered across several jurisdictions, including Switzerland, Germany, Turkey, France, the United Kingdom, the United States, Singapore, Australia, Hong Kong, and the Philippines, among others.
“Metaco’s technology, product-market fit, customer base and unrivaled team make them the ideal partner for Ripple as we look to bring critical crypto infrastructure to enterprises. We are excited to support Metaco as they continue to provide the same The high quality products and services their team is known for while enabling their business to scale faster and more efficiently.”
“It has always been our mission to enable organizations to thrive in the digital asset economy with the help of our core infrastructure and expertise, and we are excited to join forces with the Ripple team, who share this passion,” said Adrien Treccani, Founder and CEO of Metaco. “This transaction will enable Metaco to leverage Ripple’s scale and strength.” market to reach our goals and deliver value to our customers at a faster pace. We look forward to continuing to serve unprecedented levels of institutional demand with the utmost delivery excellence, as our customers have come to expect.”
What’s next for cryptocurrency custody?
Some of the most well-known (and regulated) players in the financial industry have already started dipping their toes into the cryptocurrency custody group. BNY Mellon is currently offering custody of digital assets to asset managers in the United States, and its CEO is optimistic about the opportunities that cryptocurrency and blockchain present – along with regulation – as the new financial frontier. More recently, NASDAQ recently announced its plan to launch crypto custody services for Bitcoin and Ethereum by the end of the second quarter of 2023, marking the exchange’s first step towards a larger digital asset initiative.
With some of the biggest names in finance, this points to new growth, business opportunities and use cases for not just custody, but crypto and digital assets more broadly. Ripple is excited to work closely with the Metaco team to capitalize on this opportunity, introduce new services to clients, and continue to help pave the way as a leader in enterprise crypto solutions.
Contact our team today to find out more.
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