Top Executives Depart Crypto Custody Provider Metaco
Two high-ranking executives at cryptocurrency custody provider Metaco have left the company less than a year after its acquisition by blockchain solutions firm Ripple. Metaco’s founder and CEO, Adrien Treccani, and Chief Product Officer (CPO) Peter DeMeo have departed, although their replacements have not yet been announced. While the reasons for their departure remain undisclosed, some speculate that the Ripple deal may have prompted a leadership transition.
Ripple Acquisition and Expansion into Institutional Crypto Custody Market
In May 2023, Ripple acquired Metaco for $250 million, allowing the blockchain company to enter the institutional crypto custody market. This deal enabled Ripple to enhance its enterprise offerings and offer technology for tokenized asset custody, issuance, and settlement. Metaco utilized Ripple’s customer base and capital to meet the demand of new clients. Despite the leadership change, Metaco will continue to operate independently under Treccani’s guidance.
“We appreciate the strong and industry-leading custody business that Adrien and his team built…Custody remains integral to Ripple’s growing business,” commented a Ripple spokesperson.
Partnerships Under Review
Metaco recently partnered with HSBC to introduce a digital assets custody service for institutional clients invested in tokenized securities. However, there are reports of other banks reconsidering their alliances with Metaco. In June, it was rumored that Citigroup was reevaluating its partnership with the crypto custody firm amid Ripple’s legal battle with the US Securities and Exchange Commission. However, Treccani dismissed these rumors as unfounded.
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