Ripple acquires Swiss-based crypto custody provider Metaco

• Ripple has today announced it has acquired Metaco.
• Ripple (XRP) price jumped by 5.50% after the news.
• At press time, XRP was trading at $0.469.

Ripple has today announced its acquisition of Metaco, a Swiss-based provider of digital asset custody and tokenization technology. The move affirms Ripple’s determination to take on the crypto custody market.

Both Metaco and Ripple share “strong crypto DNA, top-tier institutional customers, and a long history of working with regulated entities to create secure enterprise-grade solutions.”

The growing institutional crypto custody market

With this acquisition, Ripple will expand its enterprise offerings providing customers with the technology to custody, issue, and settle any type of tokenized asset. On the other hand, Metaco will accelerate its growth trajectory since it now has access to Ripple’s established customer base, capital, and resources to continue delivering on its commitment to banking and institutional clients.

In a statement commenting on the new acquisition, the CEO of Ripple, Brad Garlinghouse, said:

“Metaco is a proven leader in institutional digital asset custody with an exceptional executive bench and a truly unmatched customer track record. 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.”

Ripple is set to use the acquisition to leverage from the growing institutional crypto custody market which is projected to hit a 10 trillion market cap by 2030. Recent research conducted by Ripple showed that a majority of financial institutions and enterprises around the world have plans to use crypto custody solutions in their business within the next three years.

XRP price reaction

The price of XRP has been on a bullish trajectory in the past two days after a US district ruled against the SEC’s motion to seal Hinman’s speech-related documents. The Metaco acquisition news has added impetus to an already existing bullish trend.

The XRP/USD price has gained 10.62% over the past seven days.