Metaco, a digital asset custody firm purchased by blockchain payments firm Ripple in May 2023, witnessed the exit of its chief executive officer, Adrien Treccani. The former CEO served the firm for over eight years and has finally departed.
As reported earlier by TheCoinRise, Ripple recently decided to expand operations in the United States after securing a partial victory in the lawsuit against the Securities and Exchange Commission (SEC) in 2023. Notably, Ripple is now leveraging its money transmitter licenses (MTLs) in multiple states to introduce new product updates tailored specifically to the American market.
Metaco CEO Exits
Metaco was acquired by Ripple for $250 million as it aimed to expand its custody services. Despite Ripple’s partial win in the US, the reason for Treccani leaving the company he founded in 2015 in Switzerland remains unknown.
A report from Reuters revealed that Treccani was no longer the chief executive of Metaco. His LinkedIn page at the current time also shows that he left the firm in 2023. With the acquisition of Treccani’s firm, Ripple sought to expand its services surrounding the custody, issuance, and settlement of tokenized assets.
Metaco CEO and Chief Product Officer Leave
Additionally, Metaco witnessed the departure of its chief executive and chief product officer, Peter DeMeo.
“We appreciate the strong and industry-leading custody business that Adrien and his team built, as well as his leadership in integrating the custody team and solution with Ripple following the acquisition last year. Custody remains integral to Ripple’s growing business as we continue to provide best-in-class enterprise crypto solutions for our customers around the world,” said a spokesperson.
Interestingly, post acquisition by Ripple, Metaco has become a favorite for European banking firms that are seeking assistance with the custody of digital assets.
As recently reported by TheCoinRise, Zodia Custody, the crypto firm co-owned by British banking giant Standard Chartered, approached Metaco about offering global sub-custody solutions while catering to the escalating demands for the self-custody of digital assets.
Union Bank of the Philippines, known colloquially as UnionBank, partnered with the leading Swiss institutional digital asset custody and trading platform. This strategic collaboration introduced trading services for cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH).
Meanwhile, Citibank, a prominent financial services company, also forged an alliance with Metaco to embark on the development and trial of digital asset custody solutions. This collaboration signifies a significant step towards integrating digital assets into traditional financial frameworks.