Ripple has announced acquiring Metaco to advance its cause in the crypto custody industry. The acquisition came to light after Ripple’s research concluded that the crypto custody market is expected to grow $10 trillion by 2023. Several financial institutions and enterprises are planning to venture into the segment through the involvement of a third-party provider.
Joining forces with the Swiss-based crypto custody provider allows Ripple to expand its offering to enterprises. This includes leveraging the technology to issue, custody, and settle tokenized assets. Metaco gains access to a well-established base of hundreds of customers, empowering the provider to accelerate its growth trajectory.
More favorable factors that Ripple is bringing to the table for Metaco are capital that is sufficient to address the rising demands of the community and resources to fulfill its commitment made to clients from the banking and intentional sector.
Brad Garlinghouse, the Chief Executive Officer at Ripple, has appreciated Metaco for being a proven leader in the custody of institutional digital assets, adding that they also have an unmatched track record of customer service.
Calling the acquisition of Metaco monumental, Brad has assured that Ripple will continue pressing its advantages in the areas of crypto infrastructure that are critical to the ecosystem. Overall, Ripple acquiring Metaco is likely to serve its growing product suite and expanding global footprint.
Sagar Shah, the Head of Custody at Ripple, has highlighted that what makes Metaco a perfect partner for them is its technology, customer base, product-market fit, and dedicated team. These factors, when combined, are highly likely to complement the efforts of Ripple in providing a solid crypto infrastructure to enterprises.
Shah has also expressed excitement in supporting Metaco to deliver high-quality services and products, allowing businesses to scale efficiently and faster.
Adrien Treccani, the Chief Executive Officer & Founder at Metaco, has said that the acquisition by Ripple will enable them to reach the goal and better deliver value to the customer base. Treccani added that they are looking forward to serving unprecedented institutional demand.
Specifically speaking, the mission of Metaco has been to enable institutions to thrive in the economy of digital assets by granting access to its expertise and infrastructure.
Ripple gaining such advancement is a good sight for the community, especially for the holders of XRP.
The native token was last seen being traded at $0.4490. This is an increase of 5.60% in the last 7 days. XRP has an all-time high of $3.84. However, as per an XRP prediction, the same value can be locked in the next 7 years, provided all the factors align on the best side.
As for the short run, the value could reach a maximum of $0.98 and a minimum of $0.40 by the end of 2023. Ripple acquiring Metaco is a new beginning for both ventures; however, in a slightly different direction.