Metaco, the leading provider of security-critical infrastructure enabling financial institutions to enter the digital asset ecosystem, announced a strategic partnership with Cobalt, an award-winning fintech firm focused on re-engineering the institutional FX market from the ground up.
This partnership provides an institutional-grade Software as a Service (SaaS) solution for digital asset settlement.
As institutional adoption of digital assets accelerates, banks and financial institutions are hindered by the lack of available institutional-grade infrastructure to fit their needs. Together, they are addressing this increasing demand by integrating METACO’s institutional operating system for digital assets, SILO, with Cobalt’s interoperable FX and digital assets platform to offer a fully integrated end to end SaaS solution for the storage, limit allocation and intraday settlement of digital assets, with institutional-grade security standards.
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.”
Launched in 2018, METACO’s institutional operating system for digital assets, SILO, enables large financial institutions to securely integrate, store, and manage cryptocurrencies, tokens, and distributed ledgers. Its secure framework for digital asset custody, transaction management, trading, and tokenization has made it the leading choice for banks and exchanges, with implementations by leading Tier 1 and 2 banks including Standard Chartered Bank among others in the US, Switzerland, Europe, and South East Asia.
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.”
The firms are also jointly collaborating on further products, with shared synergies across a number of areas of innovation.