Metaco's CEO Adrien Treccani Departs Amid Ripple's Ongoing Legal Battles
Summary:
Ripple Labs-owned blockchain custody firm Metaco's founder and CEO, Adrien Treccani, has left the company after over eight years. Metaco, founded by Treccani in Switzerland in 2015, was acquired by Ripple in May 2023 for $250 million to enhance its custody, issuance, and settlement services for tokenized assets. This comes amidst a lawsuit filed against Ripple by the U.S. Securities and Exchange Commission for allegedly providing unregistered securities, leading to implications for nationwide digital asset policies.
Blockchain custody firm Metaco, owned by Ripple Labs, has seen its founder and CEO, Adrien Treccani, depart after over eight years. As reported by Reuters on February 12, Treccani is no longer heading Metaco, a Swiss firm he established in 2015. According to his LinkedIn profile, he left the company in 2023. Metaco was acquired by Ripple in May 2023, in a deal worth $250 million, a move intended to boost its offering in the custody, issuance, and settlement of tokenized assets.
“We acknowledge the robust and pioneering custody operation that Adrien and his team have developed, as well as his role in melding the custody operation and solution with Ripple post-acquisition,” a Ripple representative remarked to Cointelegraph.
Meanwhile, Ripple has been facing legal problems when the U.S. Securities and Exchange Commission sued it in December 2020, accusing the company of providing unregistered securities. The case has drawn observation within the crypto community due to its possible influence on national digital asset regulation and policy.
A U.S. federal judge ruled in Ripple's favor in July 2023, determining that the XRP token only amounted to securities when sold to institutional investors. The case is anticipated to proceed to a jury trial in 2024.
At the time of reporting, XRP was trading at $0.53, according to data from Cointelegraph Markets Pro.
Published At
2/12/2024 9:18:50 PM
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