{"id":10604,"date":"2023-05-18T17:47:07","date_gmt":"2023-05-18T21:47:07","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/ripples-250-million-acquisition-of-swiss-blockchain-firm-metaco-marks-expansion-into-tokenized-assets\/"},"modified":"2023-05-18T17:47:08","modified_gmt":"2023-05-18T21:47:08","slug":"ripples-250-million-acquisition-of-swiss-blockchain-firm-metaco-marks-expansion-into-tokenized-assets","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=10604","title":{"rendered":"Ripple’s $250 Million Acquisition of Swiss Blockchain Firm Metaco Marks Expansion into Tokenized Assets"},"content":{"rendered":"
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The American fintech Ripple has acquired the Switzerland-based blockchain firm Metaco for $250 million, marking its first entry into the asset tokenization field.<\/p>\n

The acquisition was announced by Ripple on Wednesday, with the firm saying it expects the deal to help it expand its enterprise offerings, particularly in international markets.<\/p>\n

\u201cWith this acquisition, Ripple will expand its enterprise offerings providing customers the technology to custody, issue, and settle any type of tokenized asset,\u201d the company said in the announcement.<\/p>\n

Ripple added that it also expects Metaco to dramatically accelerate its own growth by gaining access to Ripple\u2019s customer base, capital and resources that will enable it to \u201ccontinue delivering on its commitment to banking and institutional clients.\u201d<\/p>\n

Ongoing legal battle<\/h2>\n

The acquisition comes as Ripple continues to fight the Securities and Exchange Commission (SEC) in courts over the sale of the XRP token, alongside much of the crypto industry in the US.<\/p>\n

Just two days ago, Ripple\u2019s CEO Brad Garlinghouse called out the SEC for its \u201chypocrisy\u201d on Twitter in response to a thread by Coinbase\u2019s chief legal officer Paul Grewal.<\/p>\n

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The crypto industry in the US is facing an ongoing regulatory crackdown by the likes of the SEC, the Commodity Futures Trading Commission (CFTC) and the Treasury Department, and with many firms also feeling the effects of tighter monetary policy in the US, layoffs have been seen across the board.<\/p>\n

Ripple to \u201cplay offense\u201d<\/h2>\n

Ripple, however, appears to see the current conditions as an opportunity to cement its position in the market, with Brad Garlinghouse telling CNBC that it\u2019s time for his company to \u201cplay offense.\u201d<\/p>\n

\u201cAt a time when others are closing their doors or facing layoffs, I think it\u2019s a real important signal for the industry, it\u2019s also a signal that ripple\u2019s in a strong position \u2014 we\u2019re going to play offense,\u201d Garlinghouse said, while calling the acquisition \u201cthe largest deal we\u2019ve seen in the last year.\u201d<\/p>\n<\/p><\/div>\n