Avaloq takes 10% stake in blockchain firm Metaco
Avaloq invests in Metaco
Switzerland-based core banking software vendor Avaloq has acquired a 10% stake in a fellow Swiss firm, Metaco.
Metaco specialises in blockchain and cryptocurrencies and the acquisition is part of its second round of funding, which also included Swisscom, Swiss Post and SICPA as new strategic shareholders.
Francisco Fernandez, Avaloq’s founder and group chairman, will join Metaco’s board of directors.
Founded in 2014, Metaco has developed specialist, high-grade cryptographic solutions that can be fully integrated into a bank’s core processes. The firm, which is already offering its solutions on the Avaloq Software Exchange, also offers custody solutions for crypto assets.
Avaloq says the acquisition will “enhance its own expertise and solutions with regards to blockchain technology”. The vendor adds that no organisational changes are planned for either firm as a result of this transaction, but there will be “close cooperation” going forward.
