British multinational banking and financial services company Standard Chartered took part in the $18 million funding round for Metaco, a cryptocurrency-focused custodian oriented on the institutional market, iHodl Russia has learned.
Metaco has also succeeded to attract investments in the Series A round from Giesecke + Devrient, the German-based security technology company and one of the main central bank infrastructure partners, Swiss Post, Swiss postal service and Zürcher Kantonalbank, the fourth largest bank in Switzerland.
The funds raised for the new crypto custodian have substantially exceeded initial estimates at least twice.
The attracted $18 million will be directed to expansion in the US, Western Europe and Southeast Asia.
Metaco's main product called SILO allows financial institutions to use cold storage and exchange services, as well as tokenize assets.
Alex Manson, who heads SC Ventures at Standard Chartered, says the bank has decided to support Metaco to improve the current infrastructure around the digital assets market.
In February, Standard Chartered announced it appointed Kahina van Dyke a former Ripple Senior Vice President, Business & Corporate Development as Global Head, Digital Channels and Client Data Analytics.
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