Ripple purchased blockchain firm Metaco in May 2023 for $250 million as part of efforts to expand its custody services.

Adrien Treccani, the CEO of Ripple Labs-owned blockchain custody firm Metaco, has left the company after more than eight years.

According to a Feb. 12 Reuters report, Trecanni was no longer the CEO of Metaco, a company he founded in 2015 in Switzerland. Trecanni’s LinkedIn page at the time of publication showed he left the firm in 2023. Ripple acquired Metaco in May 2023 for $250 million, aiming to expand its services for custody, issuance and settlement of tokenized assets.

“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,” a Ripple spokesperson told Godleak.

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The United States Securities and Exchange Commission filed a lawsuit against Ripple in December 2020 for allegedly offering unregistered securities. Many in the crypto space have scrutinized the case for its potential impact on the country’s regulation and policy of digital assets.

In July 2023, a federal judge granted summary judgment in favor of Ripple, ruling that the token was only a security when sold to institutional investors. The case is expected to go to a jury trial sometime in 2024. According to data from Godleak Markets Pro, XRP traded at $0.53 at the time of publication.