Blockchain firm Ripple has acquired Swiss-based crypto custody provider Metaco in a deal worth $250m. The acquisition will allow Ripple to expand its enterprise offerings, providing customers with the technology to custody, issue, and settle any type of tokenized asset. The two companies aim to tap into the growing institutional crypto custody market, which is predicted to reach $10tn by 2030. Metaco will be able to leverage Ripple’s established base of hundreds of customers and capital to address new demand and resources for its banking and institutional clients. Ripple invested $250m of cash off its own balance sheet to fund the acquisition. Despite challenging market conditions, Ripple’s CEO Brad Garlinghouse said the deal would help the company increase its presence overseas at a time when the US Securities and Exchange Commission is taking stringent actions against major players in the digital asset industry. The SEC has been pursuing Ripple in a long-running lawsuit, but a federal judge recently ruled that the agency cannot seal documents connected to former official William Hinman’s 2018 speech on crypto and securities.