US crypto company Ripple has acquired Swiss startup Metaco for $250 million.
The acquisition was announced at a time when US cryptocurrency companies are voicing strong opposition to the regulatory framework they face in the US.
Metaco produces technology equipment that allows financial institutions to store and manage digital assets and its client list includes names such as Citi, BNP Paribas and the digital arm of Societe Generale.
As Ripple CEO Brad Garlinghouse said commenting on the acquisition, he expects an increase in demand from institutional investors for crypto services.
At the same time, he launched a barb against the US authorities, saying that “the rules we have in other markets – compared to the US – are clear. This clarity allows companies to invest.”
Ripple, which is the world’s 6th largest cryptocurrency exchange, faced a lawsuit in 2020 from the US Securities and Exchange Commission (SEC) for violating investor protection laws.
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