Union Financial institution of the Philippines selects Metaco and IBM to facilitate digital asset custody operati​​ons

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On Thursday, Metaco, an enterprise cryptocurrency platform for securing, buying and selling, issuing, and managing digital belongings, introduced the addition of UnionBank as its newest shopper. Based in 1982, UnionBank is among the largest banks within the Philippines, with a collective $15 billion in belongings underneath administration. UnionBank shall be even be deploying its digital asset administration providers on the IBM Cloud, that are absolutely built-in with Metaco’s options.

By means of the mixing, UnionBank will be capable of enhance the insurability of belongings with FIPS 140-2 Stage 4 licensed controls for managing and migrating keys. FIPS 140-2 is the best stage of U.S. authorities laptop safety customary. Along with detecting and responding to all unauthorized makes an attempt at bodily entry, the protocol additionally protects in opposition to environmental components that result in knowledge loss or leak.

On the identical time, Metaco’s options allow use circumstances for monetary establishments, akin to buying and selling, tokenization, sensible contract administration, and participation in decentralized finance. Henry Aguda, UnionBank’s Senior Government Vice President, Chief Expertise & Operations Officer, and Chief Transformation Officer, issued the next assertion relating to the event:

Now we have a ardour for significant and sustainable reinvention. We worth our strategic companions, like METACO, and collaborate with them in an alliance that’s significant in pursuit of a shared imaginative and prescient. And for UnionBank, that widespread imaginative and prescient is customer-centricity pushed by rising applied sciences and innovation.

Final 12 months, Metaco fashioned a partnership with IBM Cloud to deploy its digital asset administration system on the latter. Based near eight years in the past in Switzerland, Metaco beforehand closed a Sequence A funding for $17 million in late 2020.