Two key leaders from Swiss-based cryptocurrency custody provider Metaco have reportedly left the company within a year of its acquisition by blockchain solutions firm Ripple. According to a spokesperson from Ripple, Adrien Treccani, the founder and CEO of Metaco, along with Chief Product Officer Peter DeMeo, have departed. Metaco has not yet disclosed who will assume these vacant positions.
Metaco’s CEO and CPO Depart from Company
Metaco’s CEO and CPO departure reasons remain undisclosed, but observers speculate that the Ripple acquisition might have prompted the leadership change.
In May 2023, Ripple acquired Metaco for $250 million, marking its entry into the institutional crypto custody market. The move aimed to bolster Ripple’s enterprise solutions and facilitate tokenized asset custody, issuance, and settlement. Metaco intended to leverage Ripple’s resources to meet growing client demands while operating independently under Treccani’s leadership, according to CryptoPotato.
The Ripple spokesperson expressed gratitude for the robust custody business established by Adrien and his team, along with his leadership in seamlessly integrating the custody team and solution with Ripple post-acquisition. Custody remains a vital component of Ripple’s expanding business as it strives to deliver top-notch enterprise crypto solutions globally.
Metaco’s Partners Review Agreements
Metaco’s change in leadership occurs three months after it teamed up with HSBC, one of the UK’s largest banks, to introduce a new digital assets custody service aimed at institutional clients involved in tokenized securities. This service, slated for launch this year, is anticipated to complement HSBC’s existing platform for digital asset issuance.
Over time, Metaco has transformed into a platform, securing partnership agreements with major banks. However, there are emerging reports suggesting that these banks are reassessing their associations with the crypto custody firm.
In June, undisclosed sources disclosed that multinational investment giant Citigroup was reexamining its partnership with Metaco, and both parties had initiated informal discussions with other service providers. Speculation arose regarding these evaluations possibly being linked to Ripple’s legal dispute with the U.S. Securities and Exchange Commission, although Treccani dismissed such notions as unfounded.
