• Ripple (XRP) has announced its acquisition of Swiss-based crypto custody provider Metaco.
• The move affirms Ripple’s determination to take on the crypto custody market.
• The growing institutional crypto custody market is projected to hit a 10 trillion market cap by 2030.
Ripple Acquires Swiss-Based Crypto Custody Provider Metaco
Ripple has today announced it has acquired Metaco, a Swiss-based provider of digital asset custody and tokenization technology. 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.”
Growing Institutional Crypto Custody Market
The acquisition will expand Ripple’s 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.
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.
Ripple Leveraging Growing Market
Ripple is set to use the acquisition leverage from the growing institutional crypto custody market which is projected to hit a 10 trillion market cap by 2030 according recent research conducted by Ripple showed that majority of financial institutions have plans use crypto custody solutions in their business within next three years.
This move reaffirms Ripple’s determination take on crypto custody market as well as capitalize on growing institutional cryptomarket which estimated worth 10 trillion by 2030 .