Ripple-owned Metaco CEO departs as banks reassess relationship

abdelaziz Fathi

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.”

  • Read this next

    Digital Assets

    Pyth Network Rolls Out Bitcoin ETF Price Feeds

    The Pyth Network, a leading provider of real-time market data for crypto, equities, FX, and commodities to the DeFi market, has rolled out its latest feature: Bitcoin ETF Price Feeds. These feeds provide real-time, reliable price data for 13 Bitcoin exchange-traded funds, making them accessible to DeFi developers and users. 

    Digital Assets

    Circle to end USDC support on Justin Sun’s Tron Network

    Circle, the company behind the widely-used USD Coin (USDC), announced it will stop supporting its stablecoin on the Tron blockchain. The issuer said the move is part of Circle’s ongoing efforts to ensure USDC maintains its reputation as a trusted, transparent, and safe digital currency.


    JonesTrading deploys FlexOMS for equities, eTrading, outsourced trading

    “Firstly, our aggressive timelines meant that we needed to work with a partner who understood our business and offered flexible yet powerful technology solutions to meet our requirements. That was essentially the baseline.”

    Digital Assets

    First-Ever ICO on Bitcoin Blockchain: $3.1M Raised in Under 6 Days

    Bitcoin Dogs has now raised a total of $3.1M in the first 6 days of its historic presale. The project’s BRC-20 token, 0DOG, is the first-ever ICO on the Bitcoin blockchain.

    Executive Moves

    iSAM Securities hires Aaron Brown for MENa expansion

    “Aaron’s wealth of experience in institutional sales, strong network and in-depth understanding of client requirements in the Middle East will help us to capitalize on recent client demand in the region, whilst delivering the same innovative, high-quality products and services we offer to all our clients globally.”

    Fundamental Analysis

    Global FX Market Summary: EUR, Fed Minutes February 21, 2024

    Hawkish Fed minutes could strengthen USD, dovish BoE hints could boost euro, mixed economic data leaves impact unclear, FOMC minutes release today holds the most weight.

    Digital Assets

    360T launches Crypto NDF offering

    “By launching our crypto offering with non-deliverable derivatives products, we are allowing our diverse, global client base to engage with the crypto market without the need to build or invest in Distributed Ledger Technology (DLT) infrastructure. Looking ahead, we will continue to work with our industry partners to expand 360T’s crypto.”

    Technical Analysis

    FTSE 100 index Technical Analysis Report 20 February, 2024

    The FTSE 100 index is likely to fall to support level 7600.00 after reversing from resistance level 7750.00.

    Retail FX

    Afterprime enhances trade reporting with PrimeXM and TRAction

    “This collaboration has made setting up EMIR and MIFIR reporting for our CySEC entity a breeze, allowing us to maintain our focus on providing best-in-class pricing and top-notch customer service.”