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Ripple Labs Obtains Metaco for US$250 Million

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The financial services and technology company Ripple Labs based in San Francisco, announced acquiring Metaco.

Metaco is a Swiss-based tokenization and digital assets custody provider, which Ripple acquired at US$250 million.

Ripple Labs owns XRP crypto and has legally battled with the US SEC since 2020.

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More Details of the Story

In a statement today, the company stated that Ripple Labs would become the major shareholder of Metaco.

According to the statement, the firm will continue its operations as an independent brand.

Also, the business unit will be overseen by the chief executive and founder, Adrien Treccani.

Metaco will gain access to Ripple Labs’s customers, resources to provide for banking and institutional customers, and capital to take care of new demands.

In addition, the acquisition allows Ripple to broaden its business offerings.

Moreover, it allows it to provide clients with the technology to issue, custody, and settle tokenized assets say the company.

Meanwhile, according to CoinMarketCap data, in the past 24 hours, the XRP price rose by 5.48% as of 8 p.m. Hong Kong time.

This price is the biggest gainer among the other leading 10 non-stablecoin cryptos.

READ ALSO: Nigeria’s Adoption: Implications of Blockchain Rules BTC

Ripple Legal Battle with SEC

Since December 2020, Ripple Labs has been in a legal battle with the United States Securities and Exchange Commission.

The commission accused the crypto firm of selling $1.3 billion in unregistered securities.

As of yesterday, Tuesday, May 16, the case obtained a favorable decision.

The Judge for the United States District Court for the Southern District of New York, Analisa Torres, rejected the SEC’s motion to cover the contentious Hinman Speech data from the public.

The Hinman Document mentions a speech by former Securities and Exchange Commission official William Hinman in June 2018.

In his speech, Hinman stated that SEC doesn’t regard Ethereum or Bitcoin as securities.

It is anticipated that the result of the battle between Ripple and the SEC will lay down a precedent on how the lawmakers in the world’s largest economy US, rank crypto assets.

 

 

 

 

 

 

 

 

 

 

 

 

 

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