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Fortune

Ben Weiss

Ripple acquires crypto custodian Metaco for $250 million

Ripple Crypto Fortune SEC

Coins with Ripple logos against a blank background. (Credit: Illustration by Fortune)

Ripple announced on Wednesday that it's acquired Metaco, a crypto custodian that caters to institutional investors, for $250 million.

Best known for its association with the cryptocurrency XRP, Ripple will become the sole shareholder of Metaco, which will continue to operate independently under founder and CEO Adrien Treccani, according to a statement announcing the deal.

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