• Ripple has acquired Metaco, a leading crypto custodian for $250 million.
• Monica Long, President of Ripple expressed that customers would benefit significantly from the deal.
• Ripple remains embroiled in an ongoing legal battle with the SEC regarding XRP’s classification status.
Ripple’s Acquisition of Metaco
Ripple has made a $250 million acquisition of Metaco – one of crypto’s most well known custodians. The move sees Ripple take on sole responsibility at Metaco while allowing current CEO Adrien Treccani room enough to steer operations independently – crucial given his leadership undoubtedly played a role in getting the company to where it is now. Monica Long, the President of Ripple who hinted that customers would benefit significantly from this deal said: “Adding these capabilities to Ripple’s already growing product solutions means we can continue to support customers as they look to embrace the true potential of crypto and blockchain in real world applications.”
Ripple’s Ongoing Battle with the SEC
Despite this ongoing regulatory challenge, Ripple remains focused on maintaining stability – as evidenced by its recent silence. This stability is further supported by the acquisition of Metaco as Ripple seeks to carve out its niche within an ever-changing payments industry. Over time, Ripple has partnered with large banks, explored remittances, and shifted towards cross-border payments. Its resurgence within the broader crypto community coincides with attention garnered from the SEC lawsuit against it – which could have significant repercussions for digital currencies. Currently hanging in the balance is whether XRP will be deemed a security. Should it fall under regulation as a security there will likely be consequential implications across cryptocurrencies at large- something CEO Brad Garlinghouse acknowledges having fought this battle with the SEC at great financial expense to his business.
Expectations For A Decision Within The Year
Amidst speculation regarding Ripple’s future, Garlinghouse has expressed his belief that a decision may be made within the year. In his eyes this would bring much desired clarity and steadiness to Ripple’s trajectory.
Disclaimer
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice..
Conclusion
Overall, despite facing an uncertain future due to its legal battle with SEC over XRP’s classification status; acquisitions such as Metaco signify ripple continues its focus on stability and providing customers access to blockchain technology while carving out its own niche in payments industry