Metaco CEO Adrian Treccani and chief product officer Peter DeMeo have reportedly resigned from the Ripple-owned cryptocurrency custodian.
A Ripple spokesperson said: “We are grateful for the strong, industry-leading custody business that Adrian and his team have built and for his leadership in integrating our custody team and solutions into Ripple following our acquisition last year. '' said a Ripple spokesperson. 12) CoinDesk Report. “Custody will continue to be integral to Ripple’s growing business as we continue to deliver best-in-class enterprise crypto solutions to customers around the world.”
PYMNTS reached out to Ripple for comment, but did not immediately receive a response.
Until its acquisition of Metaco last year, Ripple was a favorite partner for European banks seeking help with crypto custody issues, according to a CoinDesk report.
Metaco's partnership with major British bank HSBC has given supporters of Ripple's XRP ledger hope that other banks will adopt the ledger protocol and XRP token.
Treccani said at the time that the correlation between Ripple's products and Metaco's bank customers was indirect but real.
“There is an indirect link that the adoption of Ripple and Metaco’s solution will further accelerate the adoption of XRPL as a protocol,” Treccani said. “Every success for Ripple is also a success for the XRP Ledger.”
Ripple acquired Metaco in May for $250 million, saying the acquisition would give it access to the institutional cryptocurrency custody market, which is expected to grow to $10 trillion by 2030.
The deal allows Metaco to continue operating as its own brand, led by Treccani, but gives it access to Ripple's hundreds of customer base and greater capital and resources.
Ripple executives said earlier this month that the company plans to expand its payments business in the United States.
Currently, 90% of blockchain companies' business is based outside the United States, W. Oliver Segovia, Ripple's senior director and head of product marketing, wrote on LinkedIn.
“Ripple payments have been relatively quiet in the US for the past three years, but we are ready to announce new product updates leveraging the Money Transfer License (MTL), which covers most US states,” Segovia said. ” he wrote.
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