VP Bank Partners with Metaco for Digital Asset Custody Services
Jessie A Ellis Apr 05, 2023 08:00
VP Bank has teamed up with Metaco to enhance its digital asset custody and tokenization operations. The partnership will allow VP Bank to leverage Metaco's Harmonize platform for asset minting, burning, and storage.
VP Bank, one of the most significant financial institutions in the Principality of Liechtenstein, has collaborated with Metaco, a market-leading developer of infrastructure for digital assets. The purpose of this partnership is to work together to combine the digital asset custody and tokenization services offered by VP Bank utilizing Metaco's Harmonize platform.
This move comes as VP Bank works toward its goal of redefining wealth management by integrating digital ecosystems with more conventional banking practices. This strategy, as VP Bank's Chief Product Officer Marcel Fleisch explains it, enables the bank's customers to take advantage of new possibilities and get new services. VP Bank will be able to broaden the services it provides thanks to the Harmonize platform, which will also enable support for the tokenization, minting, and storage of assets.
The Chief Growth Officer at Metaco, Seamus Donoghue, expressed his delight about the relationship and said that the Harmonize platform makes it possible for banks to satisfy the need for new asset classes. Donoghue noted that the platform gives financial institutions the ability to develop their business models in whatever way they see fit. In addition to this, he emphasized that VP Bank is a forward-thinking financial institution that caters to individual customers and intermediaries, which makes it an excellent business partner for Metaco.
Metaco has been working closely with influential members of the European market to develop and provide cutting-edge digital asset management solutions as part of its expansion efforts throughout Europe. For example, on February 9, 2023, Metaco entered into a partnership with the DekaBank of Germany to build a blockchain-based platform that was scheduled to become live in 2024. In a similar vein, on February 23, 2023, Metaco entered into a partnership with DZ Bank, a German asset manager, to include digital currencies into the asset management services that it offers.
In addition, Metaco has formed a partnership with Togg, a Turkish company that specializes in automotive technology, in order to protect its autonomous vehicle mobility services that are enabled by smart contracts. Also, on November 2, 2022, the business assisted the UnionBank of the Philippines in launching custody and trading for Ether (ETH) and Bitcoin (BTC), which marked its debut into the market in Southeast Asia.
In conclusion, thanks to VP Bank's cooperation with Metaco, the bank will be able to broaden the scope of the digital asset services it provides and better use the potential of the Harmonize platform. The track record that Metaco has established via its collaboration with key financial players throughout Europe and Southeast Asia proves that the company is capable of delivering innovative solutions for the custody of digital assets and the tokenization of such assets.
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