Metaco and Cobalt have joined forces to provide an institutional-grade Software as a Service (SaaS) solution for digital asset settlement. The partnership addresses the issues found by banks and financial institutions as the institutional adoption of digital assets progresses. The lack of available institutional-grade infrastructure has come as an opportunity to integrate METACO’s institutional operating system for digital assets, SILO, with Cobalt’s interoperable FX and digital assets platform. The result of the team-up is an end-to-end SaaS solution for the storage, limit allocation, and intraday settlement of digital assets.
Seamus Donoghue, VP Sales & Business Development at METACO, commented: “There remain many frictions for banks and other large trading institutions to enter and scale in crypto markets and we are very excited to partner with Cobalt and enable our clients to leverage their market-leading post-trade solutions in fiat and crypto. SILO delivers a SaaS custody solution that in combination with Cobalt’s post-trade settlement solutions will deliver the leading institutional infrastructure for custody and trading to our banking and exchange clients.”
Adrian Patten, Chairman at Cobalt, said: “METACO is a global leader in digital asset custody solutions for institutions, and our partnership represents a commitment to market-leading innovation and institutional-grade security in the digital assets market. Financial institutions are rapidly accelerating their roadmaps for the adoption of digital assets, and require flexible, trusted, and scalable infrastructure to fit their needs — precisely what we deliver with this partnership.”
It was last year that Cobalt made the leap to expand its FX post-trade infrastructure into the digital asset market as it makes its way into the forefront of currency trading. The move was mostly triggered by the decision of the OCC to allow US banks to hold digital assets.
Switzerland-based Metaco was founded in 2014 to help financial institutions explore the latest blockchain technologies and systems by providing high-grade cryptographic solutions that can be fully integrated into a bank’s core processes, as well as highly secure custody solutions for cryptocurrency assets. Full integration into digital banking channels is key to avoid high-risk manual systems that are expensive, inefficient, and insecure. Metaco has built a roster of clients from Tier 1 and 2 banks including Standard Chartered Bank among others in the US, Switzerland, Europe, and southeast Asia.