iHodl.com
Main page News, US Market, Ripple, Crypto Market, Switzerland

American fintech firm Ripple has acquired Swiss crypto custodian Metaco for $250 million as the firm is exploring new options to diversify its business.

Subscribe to our Telegram channel to get daily short digests about events that shape the crypto world

In an interview with Reuters, Ripple's head, Brad Galringhouse, said that with the custodian the firm is not subject to the "same gyrations of the crypto winters." He said:

"By focusing on the infrastructure ... you're not really subject to the same gyrations of the crypto winters. If ultimately you're solving a clear problem at scale for these customers, there's going to be demand there."

Legal Battle with SEC Will Eventually Cost Ripple $200M, Garlinghouse Says

Garlinghouse also stressed the firm expects increased demand from institutional investors as the company forecasts the institutional crypto custody market to reach $10 trillion by 2030. According to CB Insights, Metaco's customers include Citi, DZ Bank, BNP Paribas Securities Services, VP Bank and others.

Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange

Read also:
Strawberry Cake Media Corp. © 2024 Cookie Policy Editorial team Archive

ihodl.com is an illustrated edition about cryptocurrencies and financial markets.
Every day we publish the best materials for everyone interested in economy.