Banking giant Standard Chartered invests in crypto custody service Metaco
British multinational banking corporation Standard Chartered has joined the Series A investment round of crypto custody company Metaco, which is focused on institutional clients. The main investor is Giesecke + Devrient, a banknote printing and more recently smart card company.The volume of subscription to the investment round was twice the offer. Funding received in $eighteen million will be used for expansion in the US, Western Europe and Southeast Asia.
Metaco's main product is called SILO. It allows financial institutions to use cold storage and exchange services, and tokenize assets.
As explained by the head of the venture direction of Standard Chartered Alex Manson, they decided to support Metaco in order to further develop the infrastructure digital assets.
Also, funding was provided by the fourth largest Swiss bank Zürcher Kantonalbank and the Swiss Post. The latter took part in the previous investment round in 2018 year. Olivier Laplace, director of Swiss Post Ventures and member of the Metaco board of directors, noted that the company's user base has grown significantly in three years.
Standard Chartered joined the Enterprise Ethereum Alliance (EEA) last November.
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