Digital Asset Tech Provider Metaco Partners With Private Bank VP

Key Points:

• Metaco, a Swiss supplier of digital asset technology infrastructure to regulated financial institutions, has teamed with Liechtenstein’s VP Bank.
• The cooperation will enable VP Bank to extend its digital asset custody and tokenization services beyond art and tangible collector goods by using Metaco’s flagship technology, Harmonize.

Metaco, a Swiss supplier of digital asset technology, has announced its fifth cooperation with a major financial institution in the previous nine months, this time with Liechtenstein private bank VP Bank.

The partnership makes use of Metaco’s flagship technology, Harmonize, to provide VP Bank the option of expanding its digital asset custody and tokenization services beyond art and tangible collector goods, such as supporting tokenized financial assets or minting, burning, and storing tokens.

VP Bank has chosen Metaco’s Harmonize technology to enhance its digital asset custody and tokenization services. The lender began its digital asset strategy in 2021 with the goal of tokenizing and safekeeping of tangible goods such as gems or artworks. It now wants to enable tokenized financial assets, as well as minting, burning, and storing tokens.

VP Bank currently uses Metaco Harmonize as a managed service, completely integrated into the bank’s main financial system after a successful five-month modernization effort.

VP Banks joins Citibank, Societe Generale, DekaBank, and DZ Bank in hiring Metaco to help them create digital asset services.

VP Bank’s Chief Product Officer, Marcel Fleisch, commented:

“At VP Bank, we are committed to rethink wealth management by combining traditional banking with digital ecosystems to create whole new services and opportunities for our clients. By partnering with Metaco to offer a secure and scalable platform to tokenize and custody all types of financial, digital and real-world assets, we take a new major step towards building VP Bank’s foundation of the future.”

With the failure of renowned crypto-friendly banks Silvergate and Signature last month, the rise of conventional financial institutions providing comparable services with the assistance of startups such as Metaco may give an alternative.

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Harold

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