According to CryptoPotato, Adrien Treccani, the founder and CEO of Swiss-based cryptocurrency custody provider Metaco, and CPO Peter DeMeo have left the firm less than a year after its acquisition by blockchain solutions company Ripple. Metaco has not yet announced their replacements or the reason for their departure. Some speculate that the Ripple deal may have necessitated a leadership transition. In May 2023, Ripple acquired Metaco for $250 million, marking its expansion into the institutional crypto custody market.
Following the acquisition, Metaco continued to operate independently, with Treccani leading its operations. A Ripple spokesperson expressed appreciation for the custody business built by Adrien and his team and emphasized that custody remains integral to Ripple's growing business. Metaco's leadership change comes three months after partnering with HSBC to introduce a new digital assets custody service for institutional clients invested in tokenized securities. The service is expected to launch this year and complement HSBC's platform for issuing digital assets.
Metaco has formed partnerships with major banks over time, but reports have emerged about these banks reviewing their alliances with the crypto custody firm. In June, unidentified sources revealed that Citigroup was reevaluating its partnership with Metaco and that both firms had started informal talks with other providers. Speculations arose about the reviews resulting from Ripple's legal battle with the U.S. Securities and Exchange Commission, but Treccani dismissed such talks as unfounded.
Jasper