Union Bank of the Philippines selects Metaco and IBM to facilitate digital asset custody operations
On Thursday, Metaco, an enterprise cryptocurrency platform for securing, buying and selling, issuing, and managing digital property, introduced the addition of UnionBank as its newest shopper. Based in 1982, UnionBank is likely one of the largest banks within the Philippines, with a collective $15 billion in property beneath administration. UnionBank will probably be even be deploying its digital asset administration companies on the IBM Cloud, that are absolutely built-in with Metaco’s options.
Via the mixing, UnionBank will have the ability to enhance the insurability of property with FIPS 140-2 Stage 4 licensed controls for managing and migrating keys. FIPS 140-2 is the best degree 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 towards environmental components that result in knowledge loss or leak.
On the identical time, Metaco’s options allow use instances for monetary establishments, equivalent to buying and selling, tokenization, good contract administration, and participation in decentralized finance. Henry Aguda, UnionBank’s Senior Govt Vice President, Chief Expertise & Operations Officer, and Chief Transformation Officer, issued the next assertion relating to the event:
We’ve got 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 yr, 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 Collection A funding for $17 million in late 2020.