Two top executives at Swiss cryptocurrency custody provider Metaco have departed less than a year after reaching an acquisition deal with blockchain solutions company Ripple, CryptoPotato reports. Metaco’s founder and CEO Adrien Treccani and chief product officer Peter DeMeo have left the company, according to a Ripple spokesperson. Metaco has not yet announced which employees will take over these positions.
Metaco has not disclosed the reasons for the departure of its CEO and chief product officer, but there is speculation that the Ripple deal may have heightened the need for a leadership transition. In May 2023, Ripple acquired the custody company for $250 million, a deal that marked the blockchain company's entry into the growing institutional-grade cryptocurrency custody market. Ripple looks forward to accelerating the rollout of its enterprise-grade products while providing users with the technology to custody, issue and settle any tokenized asset. Metaco leverages Ripple’s large customer base and capital to meet the needs of new customers.
Metaco will reportedly continue to operate independently, with Treccani leading its operations. A Ripple spokesperson said: “We are extremely grateful to Adrien and his team for building a strong and industry-leading custody business, and for his leadership in integrating the custody team and solutions with Ripple following last year’s acquisition. Custody continues to be a growing part of Ripple’s An important part of the business, we will continue to provide the best enterprise-grade encryption solutions to our customers around the world."
