VP Bank Partners with Metaco on Digital Asset Custodyby Fintechnews Switzerland April 4, 2023
Metaco, a Switzerland-based provider of digital asset technology infrastructure to regulated financial institutions, has partnered with VP Bank in Liechtenstein.
The collaboration leverages Metaco’s flagship platform, Harmonize, to allow VP Bank the optionality to expand its digital asset custody and tokenization services beyond art and physical collector items, such as being able to support tokenized financial assets or minting, burning and storage of tokens.
VP Bank has selected Metaco as its preferred digital asset custody and orchestration technology partner, uniquely meeting the bank’s stringent requirements for institutional-grade key management and smart contract governance capabilities, as it seeks to expand its tokenization of digital and real-world assets in a highly scalable and secure manner, while remaining fully compliant with the regulations of the Token and Trusted Technology Service Provider Act (TVTG).
After a successful five-month modernization project, VP Bank now consumes Metaco Harmonize as a managed service, fully integrated into the bank’s core banking system.
Marcel Fleisch, Chief Product Officer at VP Bank commented:
“At VP Bank, we are committed to rethink wealth management by combining traditional banking with digital ecosystems to create whole new services and opportunities for our clients. By partnering with Metaco to offer a secure and scalable platform to tokenize and custody all types of financial, digital and real-world assets, we take a new major step towards building VP Bank’s foundation of the future.”
Seamus Donoghue, Chief Growth Officer at Metaco added:
“We are proud that VP Bank, one of the largest banks in Liechtenstein and a future oriented bank for private clients and intermediaries, is now relying on Metaco Harmonize to scale its digital asset custody and tokenization services. 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.”