Technology solution developer Avaloq has picked up a 10 per cent stake in Metaco, a cryptocurrency wallet management system.
This undisclosed investment is part of Switzerland-based Metaco’s second round of funding and will see Avaloq’s founder Francisco Fernandez join its board of directors.
Metaco also closed deals with other strategic shareholders including Swisscom, Swiss Post and SICPA.
Founded in 2014, Metaco helps banks and financial institutions use blockchain technology to improve their core processes. Through its technology banks can store and process cryptocurrencies in a secure manner as well as manage multiple different wallets and cryptos to provide the banks customers a selection of digital token options.
Established in 1985, Avaloq is a technology-driven financial services provider for wealth management, universal and retail banks. The Avaloq Banking Suite comprises a fully integrated, modular banking solution of back, middle and front office functionalities and is successfully run in the most demanding financial centres in the world. It offers solutions to ensure financial institutions can comply with tightened regulations.
The company creates regulatory solutions for a number of areas from front office to back office in order to automate the application of compliance rules and regulations. It claims that its solutions enable a smooth client experience while improving the efficiency of middle and back office operations and thus lowering costs for banks.
Avaloq bought a stake in the company to bolster its own blockchain expertise and solutions.
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. Therefore, I am extremely excited to be connected to the Avaloq Community even closer. Avaloq and the other new shareholders will allow us to specialize even further and accelerate growth in the banking sector.”
Last year, Warburg Pincus took a stake Avaloq for an undisclosed amount, and later in the year upped its investment later in the year.
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