Ripple-owned Metaco CEO departs as banks reassess relationship
Adrien Treccani, CEO of the cryptocurrency custody firm Metaco, has stepped down from his position, a move confirmed by a spokesperson from Ripple Labs to Reuters on Monday.
Alongside Treccani, Metaco’s Chief Product Officer Peter DeMeo has also left the Ripple-owned technology firm. The departure comes after Ripple acquired the Switzerland-based Metaco for $250 million in May 2022, marking its first acquisition in the crypto sector.
A Ripple spokesperson stated: “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.”
The crypto industry has seen a surge in investor interest recently, particularly following the U.S. Securities and Exchange Commission’s approval of 11 spot bitcoin ETFs, ending a decade-long struggle between the regulatory body and the digital asset sector.
Prior to its acquisition by Ripple, Metaco had established itself as a key player in the digital asset custody field, partnering with European banks seeking crypto custody services. Among its key partnerships was with HSBC, a London-based global bank with approximately $3 trillion in assets. However, recent reports suggested that some banks may be reassessing their relationships with Metaco following its acquisition by Ripple.
The SEC sued Ripple over three years ago, alleging that the company engaged in unregistered sales of its XRP token. Last year, Judge Analisa Torres of the Southern District Court of New York ruled that while XRP sales to institutional investors constituted unlawful securities sales, “blind bid” sales to retail investors did not fall under this categorization.
Earlier this month, a U.S. district judge directed Ripple to disclose additional financial information and details about its institutional sales of XRP. This ruling represents a victory for the SEC in its long-standing lawsuit against the blockchain company.
The trial between Ripple and the SEC is set to start in April. This lawsuit is part of a broader enforcement campaign by the SEC against major U.S. cryptocurrency exchanges, including Coinbase and Binance. Ripple’s chief legal officer, Stuart Alderoty, has criticized the SEC’s aggressive stance towards the crypto industry, labeling the regulator as “out of control.”