Standard Chartered Participates in Jammed $18M Round for Crypto Custodian
Standard Chartered said it invested in Metaco to improve the relatively undeveloped market infrastructure in digital assets.
British bank Standard Chartered has invested in Metaco, a crypto custodian focused on the institutional market.
- The Series A round was oversubscribed twice due to high demand; the 17 million Swiss franc ($18 million) raised will primarily go toward expansion to the U.S., Western Europe, and Southeast Asia, according to a press release.
- Metaco's main product is SILO, which provides financial institutions with a cold storage and exchange service, as well as the ability to tokenize assets.
- Alex Manson, Standard Chartered's head of ventures, said the company had invested in Metaco to improve the undeveloped market infrastructure surrounding digital assets.
- Standard Chartered's revenue was $15.42 billion in 2019; it's unclear how much it invested into Metaco's round.
- The round was led by Giesecke+Devrient, a Leipzig-based specialized printer in currency notes as well as, more recently, a manufacturer in smart cards.
- Other participants included Zürcher Kantonalbank, the fourth largest bank in Switzerland, and Swiss Post, the country's postal service, which invested in a previous round in 2018.
- Olivier Laplace, director at Swiss Post Ventures and member of Metaco's board, said the company's clientele had grown considerably over the past three years.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.