The acquisition is in line with Ripple’s strategy to diversify into custody solutions and bring new revenue opportunities to the company. The two entities share a history of working with regulated entities to create secure enterprise-grade solutions, and the acquisition will allow Ripple to expand its own enterprise offerings and provide its customers with the necessary technology to custody, issue, and settle any type of tokenised asset.
In addition, Metaco will gain access to Ripple’s customer base, capital, and necessary resources to fulfil its commitments to its banking and institutional clients. Metaco offers a secure custody infrastructure for institutions to scale new business models in the crypto sector. The company’s main offering is named Harmonize, and it offers a digital asset custody and tokenization infrastructure for global custodians, banks, financial institutions, and corporates.
Metaco’s technology solutions are available in different regions, including Switzerland, Germany, Turkey, France, the United Kingdom, the United States, Singapore, Australia, Hong Kong and the Philippines.
Regarding the acquisition, Metaco representatives cited by businesswire.com emphasised the company’s goal to enable institutions to thrive in the digital asset economy. They also expressed their excitement to join forces with the Ripple team, as well as their plans to leverage Ripple’s scale and market strength to meet their goals and deliver value to their clients in a quick and effective manner. Following the acquisition, Ripple will become the sole shareholder of Metaco, which will continue to operate as an independent brand and business unit.
Ripple has been focusing on expanding its presence in various parts of the world, including MENA, and in May 2023, it opened a new office in Dubai. The company chose Dubai as the location for its MENA headquarters in 2020 given the location’s innovation-forward regulations, expansive network, and reputation as an important global financial centre.
Ripple officials explained that Dubai’s regulators have risen to the challenge of establishing a framework that allows the local crypto industry to thrive, create jobs, and increase economic growth, while also ensuring participants act in a responsible manner.
In April 2023, Ripple signed an agreement with the Central Bank of Montenegro (CBCG) to develop a digital currency strategy and pilot. The project will see the CBCG working with the Government of Montenegro and Montenegro’s academia to create a practical digital currency or secure currency solution to test the main blockchain technology’s functionality and potential.
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