Ripple to Acquire Crypto Custodian Metaco in $250 Million Deal

Ripple Labs Inc. has agreed to acquire Swiss-based crypto custodian Metaco for $250 million, as the blockchain payments firm seeks to diversify its revenue stream into custody of digital assets.

Metaco, which signed digital-asset custody partnerships with Citigroup Inc. and BNP Paribas SA last year, will operate as an independent brand and unit led by current Chief Executive Adrien Treccani, Ripple said in a statement on Wednesday. Metaco’s shareholders include Standard Chartered Plc, Zuercher Kantonalbank and Swisscom AG.

Through the acquisition San Francisco-based Ripple said it plans to expand its offering beyond payments, giving customers the ability to ...