Ripple Buys Swiss Crypto Custodian Metaco for $250M
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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."

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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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