American fintech Ripple has acquired Switzerland-based blockchain firm Metaco for $250 million, marking its first entry into the asset tokenization space.
was acquired announced By Ripple on Wednesday, the firm said it expects the deal to help it expand its enterprise offerings, particularly in international markets.
“With this acquisition, Ripple will expand its enterprise offering, providing customers with the technology to hold, issue and settle any type of tokenized asset,” the company said in the announcement.
Ripple said it also expects Metaco to dramatically accelerate its own growth by gaining access to Ripple’s customer base, capital and resources that will enable it to “continue its commitment to banking and institutional customers”. Will do
legal battle going on
The acquisition comes as Ripple continues to fight the Securities and Exchange Commission (SEC) in the courts over the sale XRP Token, as with most of the crypto industry in the US.
Just two days ago, Ripple CEO Brad Garlinghouse Called out the SEC for its “hypocrisy” in response to a source from Coinbase Chief Legal Officer Paul Grewal on Twitter.
The crypto industry in the US is facing an ongoing regulatory crackdown from the likes of the SEC, the Commodity Futures Trading Commission (CFTC) and the Treasury Department, and many firms have also felt the effects of tighter monetary policy in the US, laying off boards. seen throughout.
Wave to “play crime”
However, Ripple, along with Brad Garlinghouse, sees the current situation as an opportunity to strengthen its position in the market Say CNBC that it is time for his company to “play crime”.
“At a time when others are closing their doors or facing layoffs, I think this is a really important sign for the industry, it is also a sign that Ripple is in a strong position – we are on offense. are going,” Garlinghouse said, calling the acquisition “the biggest deal we’ve seen in the last year.”