Metaco expands custody, tokenization

VP Bank, one of the major banks in Liechtenstein, has teamed with Metaco, a supplier of digital asset infrastructure, to streamline its digital asset custody and tokenization activities.

VP Bank will employ Metaco’s Harmonise platform to enhance its services and allow tokenized asset minting, burning, and storage, according to a statement.

At the launch, VP Bank’s chief product officer, Marcel Fleisch, said that the business is redefining wealth management by combining conventional banking and digital ecosystems. This generates additional prospects and services for Fleisch’s clientele, according to Fleisch.

Seamus Donoghue, chief growth officer of Metaco, also remarked on the partnership. Donoghue claims that the platform enables banks and other financial institutions to address the need for new asset classes. This enables banks to grow their business models in any way, according to the CEO.

Donoghue said, “We are pleased that VP Bank, one of the major banks in Liechtenstein and a forward-thinking bank for private customers and intermediaries, has chosen Metaco Harmonise to extend its digital asset custody and tokenization services.”

Metaco has been increasing its influence across Europe by cooperating with major regional businesses. On February 9, the token infrastructure provider teamed with Germany’s DekaBank to develop a blockchain-based platform in 2024.

Metaco partnered with the German asset manager DZ Bank on February 23 to include digital currencies in its asset management services. On January 10, Metaco teamed with Togg, a Turkish automotive technology company, to secure its smart contract-based vehicle mobility services.

The digital asset service provider expanded to Southeast Asia in addition to Europe. The business assisted Union Bank of the Philippines in introducing custody and trading for ether and bitcoin on November 2, 2022.