Avaloq, an international fintech providing services and digital solutions to banks and wealth managers, announced on Thursday it has acquired 10% stake in blockchain and cryptocurrency specialist firm, Metaco. Founded in 2014, Metaco is described as a company that has developed specialist cryptographic solutions that be fully integrated into a bank’s core processes. The firm has reportedly already offered its solutions on the Avaloq Software Exchange and is also a provider of secured custody solutions for crypto assets. Speaking about the acquisition, Francisco Fernandez, Founder and Chairman of Avaloq, stated:
“The aim of Metaco and Avaloq is to help the financial industry with the opportunities and challenges of blockchain technology by offering outstanding solutions in the field of distributed ledger, cryptocurrencies and digital assets. We believe the world is heading towards accelerated digitalisation of further asset classes and processes. In just four years Metaco has developed into a fast-growth provider of cutting edge technologies at the heart of the blockchain industry. It is a fantastic opportunity for Avaloq and I greatly look forward to working closely with the Metaco team.”
Adrien Treccani, Founder and CEO of Metaco, also commented:
“The enormous potential of distributed ledgers and digital assets in the banking industry has remained largely unexploited due to the lack of integrated solutions and the radically innovative nature of such systems. Therefore, I am extremely excited to be connected to the Avaloq Community even closer. Avaloq and the other new shareholders will allow us to specialize even further and accelerate growth in the banking sector. I look forward to the interaction with Francisco Fernandez and the Avaloq team.”
Avaloq then added that as part of the acquisition, which is part of Metaco’s second round of funding, Fernandez will join Metaco’s Board of Directors.
