The leading Swiss safekeeping company for cryptocurrencies called Metaco has lately undergone a drastic executive change. According to a CoinDesk report published of late, Adrien Treccani, the CEO, and Peter DeMeo, the chief product officer, have both left the company.
Currently, there has been no appointment made for the position of acting CEO. At the time of the press release, a representative from Metaco was unreachable, hence no additional comments were provided regarding the report.
Ripple Acquired Metaco for $250M
Ripple took history by storm in late May 2023 when it took its first venture into the world of asset tokenization through its $250 million acquisition of Switzerland-based blockchain firm Metaco. This purchase symbolizes Ripple entering this industry as well as reveals its ambitious plan for future development. Notably, the main competitors of Metaco in the market are Tangem, Taurus and GK8 which makes the competition tough in this developing area.
Ripple made its intentions known when it publicized the purchase, highlighting its anticipation that this transaction would facilitate the broadening of its enterprise solutions, specifically in global markets.
Ripple’s past declaration was centred around the tremendous advancement it projected for Metaco. This progress would be propelled by gaining entry to Ripple’s widespread customer network, substantial funds, and an array of resources. This coalition would empower Metaco to persistently meet its obligations towards its banking and institutional clientele.
According to a spokesperson from Ripple, they acknowledge and value the exceptional custody business established by Adrien and his team, which has positioned them as a leader in the industry.
Additionally, they admire Adrien’s adeptness in merging the custody team and solution with Ripple after the acquisition in the previous year. Ripple recognises the importance of custody in their expanding enterprise crypto services, as they strive to offer unparalleled solutions to their global customer base.
Zodia Custody Integrates Metaco
Metaco network’s worldwide crypto storage services have recently been incorporated by Zodia Custody, a digital assets custodian bank supported by Standard Chartered. This collaboration intends to provide comprehensive sub-custody services for cryptocurrencies on a global scale.
Consequently, Metaco will take charge of safeguarding clients’ funds while also facilitating fund management and enabling transfers through a user-friendly web interface.
Ian Allison from CoinDesk reported that Metaco and HSBC were collaborating in November.
Ripple’s Ongoing Legal Battle
Ripple, the rest of the American crypto-market still refuses to submit to the SEC rules regarding the XRP token.
Ripple now formally asks for one week more to complete and submit the required papers regarding the legal battle with the SEC. The requested documents primarily consist of financial records spanning from 2022 to 2023. Furthermore, the SEC is also keen on obtaining post-complaint contracts that oversee the intricacies of institutional sales.
Since December 2020, the SEC lawsuit has persisted, targeting Ripple. Allegedly, the federal agency claims that Ripple unlawfully generated $1.3 billion by selling its XRP token, which it deems an unregistered security within the realm of its blockchain.
Frequently Asked Questions:
Which individual has recently departed from Metaco, the subsidiary of Ripple?
A major shakeup was witnessed at Metaco as its CEO, Adrien Treccani, and Chief Product Officer, Peter DeMeo, bid farewell to the company in recent times.
Has a temporary replacement been named as the CEO following Adrien Treccani’s departure?
At present, the appointment of an interim CEO remains undisclosed, and a representative was unable to offer more information when the report was made.
When was Ripple able to close the deal for Metaco and what was the figure?
In May 2023, Ripple made a big splash when it acquired Metaco, a leading custodian based in Switzerland, for a mind-blowing $250 million.
What intentions did Ripple have in mind when acquiring Metaco?
Metaco’s asset tokenization expertise served as Ripple’s springboard into global markets, empowering their enterprise growth aspirations.
How does the exit of Metaco affect Ripple’s custody operations?
Adrien and the team of Ripple were commended for their exceptional creation of a top-notch custody business. The significance of custody in delivering crypto solutions for businesses was heavily emphasised.
Are there any financial institutions that Metaco has partnered with in the past?
In December, Metaco established a seamless alliance with Zodia Custody, a reputable digital assets custodian supported by Standard Chartered Bank. This partnership successfully integrated Metaco’s worldwide crypto storage services.
Where is Ripple Corporation’s legal spat with the Securities and Exchange Commission at the moment?
Ripple is currently being involved in a rather long legal battle against the Securities and Exchange Commission in the United States over the sales of the XRP token.
The recent motion filed by Ripple in the court, ongoing SEC case saw a new development. What was the nature of this motion?
Ripple has petitioned for a postponement of one week to amass and present financial records for the period of 2022-2023 in its ongoing legal confrontation against the SEC.
What are the claims made by the Securities and Exchange Commission against Ripple in the current legal dispute?
Without the necessary registration, the SEC is taking action against Ripple, accusing them of unlawfully generating $1.3 billion by selling their native XRP token, deeming it an unregistered security.
Has Metaco embarked on any significant collaborations aside from Zodia Custody?
Ian Allison from CoinDesk reported in November that Metaco and HSBC were collaborating, on the reports.