Private Bank In Liechtenstein Partners With Metaco, A Developer Of Digital Asset Technology

Swiss digital asset technology provider Metaco has secured its fifth partnership with a major financial institution in the last nine months, this time with Liechtenstein private bank VP Bank (VPBN), according to an emailed announcement on Tuesday.

VP Bank has tapped Metaco for its Harmonize platform, which it will use to expand its digital asset custody and tokenization services. The lender commenced its digital asset strategy in 2021, envisioning tokenization and custody of physical assets like jewels or paintings. Now it wishes to expand into supporting tokenized financial assets, as well as minting, burning and storing tokens.

VP Banks follows Citibank (C), Societe Generale (GLE), DekaBank and DZ Bank in selecting Metaco to assist with the development of their digital asset services.

Following the collapse of prominent crypto-friendly banks Silvergate and Signature last month, the emergence of traditional finance (TradFi) firms offering similar services with the help of companies like Metaco could provide an alternative.

"The bank-grade orchestration capabilities of the Harmonize platform enables the secure management of a range of digital asset use cases, allowing banks and financial institutions to satisfy demand for new asset classes and expand their business model in any direction,” Metaco chief growth officer Seamus Donoghue said.

Read more: What Now for Crypto Banking?