CEO of Ripple-Owned Metaco Steps Down

Adrien Treccani, who served as the CEO of Metaco, a blockchain custody firm owned by Ripple Labs, has departed from the company after more than eight years. Reuters reported on February 12th that Treccani founded Metaco in Switzerland in 2015 but is no longer the CEO, as indicated on his LinkedIn page, which shows his departure in 2023. Ripple acquired Metaco in May 2023 for $250 million with the aim of expanding its services related to custody, issuance, and settlement of tokenized assets.

Ripple expressed gratitude for Treccani’s leadership in building an industry-leading custody business and his efforts in integrating Metaco’s team and solutions with Ripple following the acquisition. Treccani played a vital role in this process before his departure. Ripple has been facing legal challenges from the United States Securities and Exchange Commission (SEC) since December 2020, when the SEC filed a lawsuit against the company, accusing it of offering unregistered securities.

The lawsuit has attracted significant attention in the cryptocurrency industry due to its potential impact on digital asset regulation and policies in the United States. In July 2023, a federal judge granted summary judgment in favor of Ripple, determining that the XRP token was only considered a security when sold to institutional investors. The case is expected to proceed to a jury trial sometime in 2024, presenting an opportunity for further examination and resolution.

At the time of the article’s publication, XRP was trading at $0.53, according to data from Markets Pro. This information provides readers with an idea of the value and price of XRP at that particular moment. The departure of Adrien Treccani as the CEO of Metaco, along with Ripple’s ongoing legal battles, mark significant developments in the world of blockchain and cryptocurrency.