Ripple-Owned Metaco Loses its CEO and Chief Product Officer

Photo of author

By BitcoinWiki News

Key Takeaways:

– Metaco’s CEO and chief product officer have left the company
– Ripple acquired Metaco for $250 million
– Ripple expects the acquisition to help expand its enterprise offerings
– Zodia Custody integrates Metaco network’s global crypto storage services
– Metaco was working with HSBC
– Ripple continues to fight the SEC over the sale of the XRP token
– Ripple filed a motion requesting an extension in its ongoing courtroom battle
– The SEC lawsuit accuses Ripple of illegally raising funds through sales of its XRP token

1. Departure of Metaco’s CEO and Product Officer:
Metaco, a Swiss cryptocurrency custody firm, has announced the departure of its CEO Adrien Treccani and chief product offer Peter DeMeo. As of now, no acting CEO has been named, and a Metaco spokesperson was unavailable for further comment at the time of the report.

2. Acquisition by Ripple:
Ripple acquired Metaco for $250 million in May 2023, marking its entry into the asset tokenization field. The acquisition was aimed at expanding Ripple’s enterprise offerings, especially in international markets, and providing access to Ripple’s customer base, capital, and resources for Metaco to continue serving banking and institutional clients.

3. Integration with Zodia Custody:
Metaco has integrated its global crypto storage services with Zodia Custody, a digital assets custodian backed by Standard Chartered Bank. This partnership aims to offer global sub-custody services for cryptocurrencies, with Metaco storing client funds and providing management capabilities.

4. Ripple’s Legal Battle with the SEC:
Ripple continues to fight the SEC in court over the sale of the XRP token. The ongoing lawsuit, which began in December 2020, accuses Ripple of illegally raising $1.3 billion through unregistered sales of its XRP token. The latest development in the legal battle involves Ripple requesting an extension to gather and submit financial documents for examination.

5. Ripple’s Collaboration and Industry Position:
Metaco’s collaboration with Ripple and other financial institutions, such as HSBC, highlights its position in the cryptocurrency custody and asset tokenization space. Despite the ongoing legal challenges, Ripple’s acquisition of Metaco and its continued efforts to expand its enterprise crypto solutions demonstrate its commitment to serving customers globally.

Overall, these developments reflect the evolving landscape of cryptocurrency custody and regulatory challenges faced by industry players like Ripple and Metaco.

This is sponsored by: Learn Bitcoin Option

Leave a Comment