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Ripple Buys Crypto Custody Firm Metaco for $250M

Blockchain firm Ripple has acquired Swiss-based crypto custody provider Metaco for $250 million, the company said in a statement on Wednesday. The purchase will allow Ripple to expand its offerings by incorporating the technology to custody, issue, and settle tokenized assets. Diversifying into custody solutions will bring new revenue opportunities. In 2020, Ripple and some of its executives faced a lawsuit from the U.S. Securities and Exchange Commission regarding the unregistered sale of approximately $1.3 billion worth of XRP tokens. Ripple CEO Brad Garlinghouse recently estimated that the legal battle will cost the company around $200 million.

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