UnionBank further invests in crypto, partners with IBM and Metaco

UnionBank has announced that they will be using cryptocurrency safekeeping technology from International Business Machines Corp. (IBM) and Metaco to accommodate the new age of currency.

Metaco is a Switzerland-based custody specialist that provides back-end technology for banks such as BBVA and GazpromBank. Last March, they partnered with IBM as many other world banks are their clients. The partnership is said to “make for an even more compelling package,” said Seamus Donoghue, Metaco’s VP of business development.

“Think of all the tier-one banks in the market, they’re probably all IBM clients, many of them strategic clients,” said Donoghue in an interview. “They can leverage the existing stack, existing run capabilities to manage Metaco vaults directly from existing infrastructure. And we have a number of other similar deals in the pipeline, leveraging our combined capabilities.”
IBM is known as a reliable partner to blockchain enterprises, providing private ledgers running inside the firewalls of companies involved in supply chains and the like.

UnionBank has been tireless with its expansion into cryptocurrency as it holds over $15 billion in assets under management. These include doing blockchain payments with Visa, remittances in partnership with ConsenSys, and even launching a stablecoin.

“We have the passion for meaningful and sustainable reinvention. We value our strategic partners, like Metaco, and collaborate with them in an alliance that is meaningful in pursuit of a common vision,” UnionBank Senior Executive Vice President Henry Aguda said in a statement.

Source: Coindesk