Digital asset infrastructure provider METACO has raised $17 million in its oversubscribed Series A round of funding.
The round experienced more than double the demand than the initial target to demonstrate continued support from existing investors coupled with new strategic partners.
German based security technology company, Giesecke+Devrient and one of the main central bank infrastructure partners led the round.
Standard Chartered Bank, Zürcher Kantonalbank, and venture capital firm Investiere joined the round which also saw all existing strategic shareholders, Swisscom, SICPA, Avaloq, and Swiss Post increase their commitments.
Launched in 2018, METACO’s institutional operating system for digital assets, SILO, enables large financial institutions to securely integrate cryptocurrencies, tokens, and distributed ledger use cases into their core infrastructure.
METACO has significant Tier 1 and Tier 2 bank implementations including FINMA, BaFin, Banco de España, ECB, and MAS regulated banks and exchanges.
METACO Secures $17M in Series A Investment from Global Financial Services Leaders – @GieseckeNews , @standarduk ,@sicpa ,@zkb_ch ,@investiere ,@Avaloq, and more. Everyone is super excited for the next chapter!https://t.co/7MNXbSAPlK
— Metaco (@metaco_sa) July 14, 2020
Commenting on the raise, Adrien Treccani, CEO and Founder of METACO, said: “I am really proud of our team and this funding round will push us to new heights. METACO not only secured an impressive round of funding, but also has a number of significant partnerships and integrations coming down the pipeline. I look forward to working with our new shareholders and encourage companies to get in touch to explore possible synergies.”
Assaf Shamia, Investment Director at Giesecke+Devrient, added: “The tokenisation narrative is gaining momentum among regulators and central banks, encompassing a broad spectrum of promising innovations ranging from digital currencies to national identities.
Earlier today Coin Rivet reported on the Bank of England’s apparent dive into a digital currency as it follows the lead of other central banks across the world.
The warming of attitudes towards digital currency and distributed ledger technology from financial institutions bodes well for the entire industry over the next decade, especially in light of the sceptical tone surrounding cryptocurrency over the past 10 years.
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Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.