Blockchain and cryptocurrency specialist METACO has announced a strategic partnership with blockchain post-trade services provider Cobalt to provide an institutional-grade Software as a Service (SaaS) solution for digital asset settlement.
Established in 2015, METACO has developed specialist, high-grade cryptographic solutions that can be fully integrated into a bank’s core processes. The firm also offers SILO, an integrated hot-to-cold wallet management solution for financial institutions. SILO enables large financial institutions to securely integrate cryptocurrencies, tokens, and distributed ledger use-cases into their core infrastructure. Its unique framework for digital asset custody, transaction management, trading, and tokenization has made it the leading choice for banks and exchanges.
Cobalt has transformed the FX and digital asset market infrastructure by building a middle office platform that is fit for today’s high-speed electronic markets. By creating a single standardised version of each transaction and managing credit in real-time, Cobalt enables all market participants to connect and automate their post trade functions including confirmations, trade netting and the management of credit relationships. Its high availability, high throughput, Tier 1 secure platform enables the markets leading participants to cut costs, reduce counterparty risk and increase trading to 24/7.
As institutional adoption of digital assets accelerates, banks and financial institutions are hindered by the lack of available institutional-grade infrastructure to fit their needs. The two companies are addressing this increasing demand by integrating METACO’s SILO with Cobalt’s interoperable FX and digital assets platform to offer a fully integrated end to end SaaS solution for the storage, limit allocation and intraday settlement of digital assets, with institutional-grade security standards.
“There remain many frictions for banks and other large trading institutions to enter and scale in crypto markets and we are very excited to partner with Cobalt and enable our clients to leverage their market leading post-trade solutions in fiat and crypto,” said Seamus Donoghue, VP Sales & Business Development at METACO. “SILO delivers a SaaS custody solution that in combination with Cobalt’s post-trade settlement solutions will deliver the leading institutional infrastructure for custody and trading to our banking and exchange clients.”
Adrian Patten, Chairman at Cobalt, said that their partnership represents a commitment to market-leading innovation and institutional-grade security in the digital assets market.
“Financial institutions are rapidly accelerating their roadmaps for the adoption of digital assets, and require flexible, trusted and scalable infrastructure to fit their needs — precisely what we deliver with this partnership,” said Patten.
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