Ripple acquires Swiss crypto custody firm Metaco for $250M amid SEC crackdown.

Ripple, the sixth largest cryptocurrency, is acquiring Swiss crypto custody firm Metaco for $250 million, with more than half of the deal paid in cash. Metaco provides technology for financial institutions to store and manage digital assets, with clients including Citi and BNP Paribas. This marks Ripple's first major acquisition and CEO Brad Garlinghouse said it is "monumental" for the company's product suite and global expansion. The acquisition comes as investors become increasingly cautious about where and how crypto assets are stored, following a series of collapses at major crypto firms and regulatory crackdowns.