The growing institutional crypto custody market is expected to reach a staggering $10T by 2030. Custody is a key facet of the infrastructure required for enterprise crypto services, and recent research conducted by Ripple shows that most global finance leaders at financial institutions and enterprises have plans to use crypto custody solutions in their business within the next three years—primarily through a third party provider.
Ripple and Metaco Join Forces
Ripple is taking on the crypto custody market and is excited to announce its acquisition of Metaco, a Swiss-based provider of digital asset custody and tokenization technology.
Ripple and Metaco share strong crypto DNA, top-tier institutional customers, and a long history of working with regulated entities to create secure enterprise-grade solutions. With this acquisition, Ripple will expand its enterprise offerings providing customers the technology to custody, issue, and settle any type of tokenized asset. Metaco will dramatically accelerate its growth trajectory through access to Ripple’s established base of hundreds of customers, capital to address new demand, and resources to continue delivering on its commitment to banking and institutional clients.
“Metaco is a proven leader in institutional digital asset custody with an exceptional executive bench and a truly unmatched customer track record,” said Brad Garlinghouse, CEO of Ripple. “Through the strength of our balance sheet and financial position, Ripple will continue pressing our advantage in the areas critical to crypto infrastructure. Bringing on Metaco is monumental for our growing product suite and expanding global footprint.”
The Next Evolution in Crypto Solutions for Business
Ripple’s 10+ year history addressing multi-trillion dollar pain points utilizing blockchain and cryptocurrency, and solving the hardest problems for enterprise customers, has enabled the company to grow and expand. From cross-border payments and CBDCs, to liquidity management and tokenization, Ripple’s product and solution offerings, and global network of partners and customers continue to innovate and evolve. Enabling customers to custody, issue and settle these tokenized assets is a natural next step in both the company’s and the industry’s evolution.
Metaco offers secure and versatile mission-critical custody infrastructure for institutions to scale new business models in the crypto economy. Its primary offering Harmonize™ is the institutional standard for digital asset custody and tokenization infrastructure, chosen by the world’s largest global custodians, top-tier banks, financial institutions and corporations. Metaco’s technology solutions are currently offered across various 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 unparalleled team make them the perfect partner for Ripple as we look to provide critical crypto infrastructure to enterprises. We’re excited to support Metaco as they continue to deliver the same high-quality products and services their team has become known for while enabling their business to scale faster and more efficiently,” said Sagar Shah, Head of Custody at Ripple.
Adrien Treccani, Founder and CEO at Metaco said, “Our mission has always been to enable institutions to thrive in the digital asset economy with the help of our core infrastructure and expertise, and we are delighted to join forces with the team at Ripple, who share that passion. This deal will enable Metaco to leverage Ripple’s scale and market strength to reach our goals and deliver value to our clients at a faster pace. We look forward to continuing to serve unprecedented levels of institutional demand with the utmost excellence in delivery, as our clients have come to expect.”
What’s Next for Crypto Custody?
Some of the financial industry’s most reputed (and regulated) players have already started dipping their toes in the crypto custody pool. BNY Mellon currently offers digital asset custody for asset managers in the US, and their CEO is optimistic on the opportunities afforded by crypto and blockchain—coupled with regulation—as the new financial frontier. And more recently, NASDAQ recently announced their plan to launch crypto custody services for Bitcoin and Ethereum by the end of Q2 2023, signaling the stock exchange’s first step toward a larger digital asset initiative.
With some of the biggest names in finance gearing up, this signals new growth, business opportunities and use cases not only for custody, but for crypto and digital assets more broadly. Ripple is excited to work closely with the Metaco team to tap into this opportunity, provide new services for customers, and continue to help pave the way as a leader in enterprise crypto solutions.
Contact our team today to learn more.