- Ripple acquired blockchain firm Metaco for $250 million in 2022 to expand custody services, as Metaco’s CEO Adrien Treccani stepped down
- The SEC filed a lawsuit against Ripple in 2020 alleging unregistered securities, expected to go to trial in 2023; judge ruled XRP was only a security when sold to institutions
- Treccani founded Metaco in 2015 and left after acquisition by Ripple, which appreciated his leadership in integrating custody solutions
Ripple recently purchased blockchain firm Metaco for $250 million as part of efforts to expand its custody services. This comes as the CEO and founder of Metaco, Adrien Treccani, has stepped down after more than eight years leading the company.
Ripple Acquires Metaco
In May 2022, Ripple Labs acquired Metaco for $250 million with aims to expand its services for custody, issuance and settlement of tokenized assets. Metaco is a Switzerland-based company that Treccani founded in 2015 to provide digital asset custody solutions.
“We appreciate the strong and industry-leading custody business that Adrien and his team built, as well as his leadership in integrating the custody team and solution with Ripple following the acquisition last year,” a Ripple spokesperson told Cointelegraph.
SEC Lawsuit Against Ripple
The U.S. Securities and Exchange Commission filed a lawsuit against Ripple in December 2020 for allegedly offering unregistered securities. The case involving Ripple’s XRP token is expected to go to a jury trial in 2023.
In July 2022, a federal judge granted summary judgment in favor of Ripple, ruling that XRP was only a security when sold to institutional investors. According to Cointelegraph Markets Pro data, XRP was trading around $0.53 at the time this article was published.
Treccani Leaves Metaco
According to a Feb. 12 Reuters report, Treccani was no longer the CEO of Metaco. His LinkedIn page showed he left the firm in 2022 after Ripple acquired it.
“We appreciate the strong and industry-leading custody business that Adrien and his team built, as well as his leadership in integrating the custody team and solution with Ripple following the acquisition last year,” the Ripple spokesperson said.