Ripple, the payments network and creator of XRP token, has acquired Swiss digital asset custodian and tokenization provider Metaco for $250 million, as announced on May 17. With the acquisition, Ripple will expand its enterprise offering to custody, issue, and settle tokenized assets. Ripple estimates that the institutional crypto custody market will reach $10 trillion by 2030, with “most global finance leaders at financial institutions” planning to use crypto custody solutions within the next three years. Metaco’s primary offering is Harmonize, an institutional standard for digital asset custody and tokenization infrastructure. The company has raised $20 million through four rounds before the acquisition. Ripple CEO, Brad Garlinghouse, commented that Ripple will continue to press its advantage in the areas critical to crypto infrastructure. This deal will enable Metaco to leverage Ripple’s scale and market strength to serve unprecedented levels of institutional demand.
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