Financial technology firm Ripple has made a strategic move by acquiring Swiss-based crypto custody firm Metaco.
U.S. Crypto Exodus Continues as Ripple Buys Custodian Metaco
Financial technology firm Ripple has made a strategic move by acquiring Swiss-based crypto custody firm Metaco. The acquisition aims to provide Ripple with expanded exposure to regulatory environments outside of the United States and enable the company to offer a broader range of crypto products and services. Ripple tapped into its own cash reserves, utilizing $250 million to fund the deal, making it the largest transaction of the past year for the company. The acquisition is expected to enhance Ripple's suite of offerings and grant access to Metaco's major clients, including Citi and BBVA, while increasing its international presence in the face of regulatory uncertainties and enforcement actions in the US market.
Ripple's decision to acquire Metaco aligns with a trend among crypto businesses seeking to expand globally amid regulatory challenges. Coinbase has been actively obtaining licenses to operate in different jurisdictions, with a recent approval for operations in Bermuda. Similarly, Gemini has established a presence in the Asia Pacific region, including an engineering center in India. Binance also withdrew from the Canadian market due to new regulatory requirements. In contrast, the European Union has taken steps toward crypto regulation with the adoption of the Markets in Crypto-Assets (MiCA) framework, receiving positive feedback from crypto firms seeking clarity in the region.
