Ripple Owned Metaco’s CEO Steps Down

Ripple Owned Metaco’s CEO Adrien Treccani steps down after over eight years with the company.

The CEO of the blockchain custody company Metaco owned by Ripple Labs Adrien Treccani has resigned from his position after more than eight years with the company.

A report that was published by Reuters on February 12 stated that Trecanni had resigned from his position as CEO of Metaco a firm that he had established in Switzerland in 2015.

At the time of publication, Trecanni’s LinkedIn page revealed that he had recently left the company in the year 2023. For a total of $250 million, Ripple completed the acquisition of Metaco in May 2023 with the intention of expanding its services for the custody, issuance, and settlement of tokenized assets.

The United States Securities and Exchange Commission filed a lawsuit against Ripple in December 2020 for allegedly offering unregistered securities. The lawsuit stated, “We appreciate the strong and industry-leading custody business that Adrien and his team built.”

Additionally, the lawsuit praised Adrien’s leadership in integrating the custody team and solution with Ripple following the acquisition that took place the previous year.

The case has been analyzed by a number of individuals working in the cryptocurrency field due to the possible impact it could have on the country’s policy and regulation of digital assets.

A federal judge issued a finding in favor of Ripple in July 2023, granting summary judgment, stating that the financial institution token was only considered a security when it was offered for sale to commercial investors.

Sometime around the year 2024, it is anticipated that the case will be tried by a jury. In accordance with the information provided by Markets Pro, the price of XRP was $0.53 at the time of publication.