• Ripple has made a $250 million acquisition of Metaco, a well-known crypto custodian.
• Despite an ongoing legal battle with the SEC regarding XRP’s classification status, Ripple is focused on maintaining stability and carving out its niche in the payments industry.
• CEO Brad Garlinghouse believes that a SEC decision on XRP’s status could come within the year.
Ripple Acquires Metaco
Ripple has acquired Metaco, one of crypto’s most well known custodians, for $250 million. The move allows current CEO Adrien Treccani to independently steer operations while allowing Ripple to take sole responsibility over the company. Monica Long, President of Ripple, said customers would benefit significantly from this deal as it will help them embrace the potential of blockchain technology in real world applications.
Ripple is currently embroiled in an ongoing legal battle with the Securities and Exchange Commission (SEC) regarding XRP’s classification status which could have consequential implications across cryptocurrencies at large if deemed a security. Despite this battle, CEO Brad Garlinghouse believes that a decision could be made within the year and bring much desired clarity and steadiness to Ripple’s trajectory.
Despite its lawsuit with the SEC, Ripple remains focused on maintaining stability – as evidenced by its recent silence – which is further supported by their acquisition of Metaco as they look to carve out their niche within an ever-changing payments industry.
In addition to partnering with large banks and exploring remittances, Ripple has shifted towards cross-border payments as they seek to expand their product solutions for their customers.
Ripple’s acquisition of Metaco reflects their commitment to providing strong customer support despite facing regulatory challenges from the SEC regarding XRP’s classification status. Ultimately though, CEO Brad Garlinghouse hopes that a decision can be made soon in order to provide much needed clarity and steadiness for his business‘ future trajectory