- Ripple has acquired Metaco, one of crypto’s most well-known custodians, for $250 million.
- The acquisition will enable Ripple to continue to provide customers with support as they explore the potential of blockchain and crypto.
- Ripple remains embroiled in a legal battle with the SEC regarding XRP’s classification status.
Ripple Acquires Metaco
Ripple has made a $250 million acquisition of Metaco – one of crypto’s most well known custodians. The move sees Ripple take on sole responsibility at Metaco while allowing current CEO Adrien Treccani room enough to steer operations independently – crucial given his leadership undoubtedly played a role in getting the company to where it is now. Monica Long, the President of Ripple who hinted that customers would benefit significantly from this deal said: “Adding these capabilities to Ripple’s already growing product solutions means we can continue to support customers as they look to embrace the true potential of crypto and blockchain in real world applications.”
Despite this ongoing regulatory challenge, Ripple remains focused on maintaining stability – as evidenced by its recent silence. This stability is further supported by the acquisition of Metaco as Ripple seeks to carve out its niche within an ever-changing payments industry. Over time, Ripple has partnered with large banks, explored remittances, and shifted towards cross-border payments. Its resurgence within the broader crypto community coincides with attention garnered from the SEC lawsuit against it – which could have significant repercussions for digital currencies. Currently hanging in the balance is whether XRP will be deemed a security. Should it fall under regulation as a security there will likely be consequential implications across cryptocurrencies at large- something CEO Brad Garlinghouse acknowledges having fought this battle with the SEC at great financial expense to his business.
Amidst speculation regarding Ripple’s future, Garlinghouse has expressed his belief that a decision may be made within the year. In his eyes this would bring much desired clarity and steadiness to Ripple’s trajectory.