Swiss fintech firm Avaloq has purchased a 10% interest in blockchain and crypto-currency specialist, Metaco, for an undisclosed sum.
The acquisition, which is part of Metaco’s second round of funding, will allow Avaloq’s founder and group chairman Francisco Fernandez to join Metaco’s board of directors.
Founded in 2014, Metaco provides latest blockchain technologies and systems to the banks and financial institutions.
The firm has developed specialist and high-grade cryptographic solutions, which can be fully incorporated into a bank’s core processes.
Metaco is already providing its solutions on the Avaloq Software Exchange. The company also offers secured custody solutions for crypto assets.
Metaco’s SILO is a complete cryptocurrency custody platform designed for the financial sector.
The multi-wallet system holds capacity to manage multiple accounts with different currencies. It is said to deliver military-grade secure cryptocurrency storage and processing to banks and other financial institutions.
Metaco has taken the support of government and military-hardware supplier Guardtime to develop hardware for the SILO’s platform.
Avaloq chairman Francisco Fernandez said: “The aim of Metaco and Avaloq is to help the financial industry with the opportunities and challenges of blockchain technology by offering outstanding solutions in the field of distributed ledger, cryptocurrencies and digital assets.”
Metaco founder and CEO Adrien Treccani said: “The enormous potential of distributed ledgers and digital assets in the banking industry has remained largely unexploited due to the lack of integrated solutions and the radically innovative nature of such systems.
“Avaloq and the other new shareholders will allow us to specialize even further and accelerate growth in the banking sector. I look forward to the interaction with Francisco Fernandez and the Avaloq team.”
Avaloq provides software as a service (SaaS) and business process as a