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