- Ripple Labs-owned Metaco experiences CEO Adrien Treccani stepping down after over eight years.
- Treccani founded Metaco in 2015 in Switzerland and left the company in 2023, following Ripple’s acquisition in May 2023 for $250 million.
- Ripple aims to enhance its services for custody, issuance, and settlement of tokenized assets through the Metaco acquisition.
- The departure comes amid ongoing legal battles for Ripple, including a lawsuit filed by the U.S. SEC in December 2020.
- In July 2023, a federal judge ruled in favor of Ripple, stating that XRP was considered a security only when sold to institutional investors.
CEO Adrien Treccani’s Departure
Adrien Treccani, the CEO of Metaco, a blockchain custody firm acquired by Ripple Labs in May 2023, has officially stepped down after more than eight years. Founded by Treccani in 2015 in Switzerland, Metaco played a crucial role in the custody of digital assets. Ripple’s $250 million acquisition aimed to bolster its capabilities in custody, issuance, and settlement of tokenized assets. Treccani’s departure marks a significant change in the leadership of the company.
Ripple’s Legal Landscape
The CEO’s exit comes amidst Ripple’s legal challenges, particularly the lawsuit filed by the U.S. Securities and Exchange Commission (SEC) in December 2020. The regulatory scrutiny on Ripple has sparked debates about the potential impact on digital asset regulations in the United States. Notably, in July 2023, a federal judge granted summary judgment in favor of Ripple, affirming that XRP was classified as a security only when sold to institutional investors. The legal saga is anticipated to continue with a jury trial scheduled for 2024.