Ripple Acquires Metaco in $250M Crypto Custody Deal, XRP Price Surge Nearly 6%

Published by

Qadir AK

May 17, 2023

Amid a bearish crypto market outlook for the top digital assets, top digital asset, XRP edged higher. According to the latest crypto price oracles, Bitcoin and Ethereum dropped as much as 2 percent on Wednesday to trade around $26.7k and $1,797 respectively. XRP price, on the other hand, gained about 6 percent to trade around $0.45.

Notably, XRP joined the gamifi tokens like AXS and MANA which were the top gainers of the day.

Reasons XRP Was Among Top Gainers

The XRP community was elated on Wednesday after court documents surfaced that Hinman’s famous speech will be made publicly available. Notably, Judge Sarah Netburn ruled earlier last year that Ripple should have access to Hinman’s documents but they should remain confidential. On Tuesday, District Judge Analisa Torres argued that there is no reason for Hinman’s speech to be sealed by the court.

The ruling was warmly welcomed by the Ripple community, which anticipates a win over the SEC in the ongoing lawsuit. Furthermore, small wins could compound huge gains for Ripple which is fighting for regulatory clarity in the United States.

Ripple Acquires Metaco

Amid the increased XRP trading volume, Ripple announced that it had acquired a Swiss-based institutional-grade platform dubbed Metaco. Notably, Metaco has in the past few years attracted dozens of financial institutions intending to tap into the meteoric growth of crypto assets. Among the notable Metaco clients include Sygnum, DBS, Citi, and BNP Paribas, among many others. Ripple acquired Metaco for an undisclosed amount.

“Metaco is a proven leader in institutional digital asset custody with an exceptional executive bench and a truly unmatched customer track record,” said Brad Garlinghouse, CEO of Ripple. “Through the strength of our balance sheet and financial position, Ripple will continue pressing our advantage in the areas critical to crypto infrastructure. Bringing on Metaco is monumental for our growing product suite and expanding global footprint.”

Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.