More news about Metaco

Avaloq, Swisscom, Swiss Post and SICPA invest in blockchain startup

26.04.2018 10:30
Cryptocurrencies

Lausanne-based blockchain and crypto-currency specialist Metaco has secured significant new shareholders and investment in a highly successful second round of funding. Avaloq has acquired a 10% stake in Metaco, the highest amount by a new shareholder.

Established in 2014, Metaco has rapidly become an expert in helping banks and financial institutions, including national banks, capitalise on the latest blockchain technologies and systems. It has developed specialist, high-grade cryptographic solutions that can be fully integrated into a bank’s core processes.

Metaco is also a leading provider of a highly secure custody solution for crypto assets called SILO, which was launched in January 2018. This platform, which is built on its own hardware developed with government and defense supplier Guardtime, delivers NIAP Certified storage and transaction processing to banks and other financial institutions. Its proprietary offering has continued to differentiate Metaco in the blockchain sector and position the firm at the forefront of the market.

With average daily trading volumes constantly increasing, cryptocurrencies and digital assets are beginning to rival some of the world’s most liquid assets as more investors diversify into this new asset class. Where traditional banks, consultancies and other fintechs do provide a blockchain management and advisory service, these are usually not integrated into digital banking channels and rely on third parties or high-risk manual systems that are expensive, inefficient and insecure.

Zurich-based fintech Avaloq has acquired a 10% stake in Metaco, the highest amount by a new shareholder, in a move which will significantly enhance Avaloq’s own expertise and solutions with regards to blockchain technology. Francisco Fernandez, Group Chairman and founder of Avaloq, will join Metaco’s Board of Directors with the aim to help Metaco grow and expand. As a result of the Metaco partnership, there will be no organisational changes within Metaco or Avaloq but there will be close cooperation going forward.

“The enormous potential of distributed ledgers and crypto assets in the banking industry has remained largely unexploited due to the lack of integrated solutions and the radically innovative nature of such systems. Metaco’s banking products, including our NIAP Certified crypto asset custody solution SILO, have been specifically engineered to remove barriers to entry and bring financial companies forward into this high-growth market. I am extremely excited by the synergistic potential of our industry-leading investors, whose contribution to Metaco will allow us to specialize even further and accelerate growth in the banking sector. The high calibre of these shareholders is an indication of the esteem that Metaco has in the market; the new shareholders will, along with Avaloq, also provide significant strategic synergies and business advantages to Metaco as it develops and invests for growth,” said Adrien Treccani, Founder and CEO of Metaco.

Picture: Fotolia / Buffaloboy

(Press release - SK)

Please login or
register to comment

Please login or sign up to comment. Commenting guidelines

Principal

22.03.2019
Editorial

Give the people what they want

Partners

Contributors

By continuing to use this website you agree with our TERMS AND CONDITIONS