Ripple-Owned Metaco Sees Most of Execs and Marketing Teams Depart: Source

• Metaco lost five executives and marketing team members following the recent departure of the CEO and chief product officer.
• The cryptocurrency custody firm was acquired by Ripple last year for $250 million.

Metaco, the cryptocurrency custody firm acquired by Ripple for $250 million, has seen almost all of the executives and marketing teams depart the Switzerland-based firm since the deal closed last year.

Metaco, whose CEO Adriene Treccani and chief product officer Peter Demeo both recently departed, has now lost Angel Nunez, who was CTO and chief customer officer, according to a person familiar with the matter, who shared an internal email detailing some of the departures with CoinDesk. The head of sales, Craig Perrin, as well as marketing manager Mei Li Powell, head of product marketing, plus marketing officers Gene Peterson and Rahul Mudgal have also left the firm, according to the person

Ripple declined to comment on the departures.

Before being acquired by Ripple, Metaco had become a favorite partner for European banks looking for assistance with the custody of digital assets. Most recently, Metaco signed up HSBC, although there had been reports that banks were re-evaluating their relationship with Metaco in the wake of the acquisition.

Read more: BCB Group Moves Custody of Digital Asset Operations to Metaco’s Platform