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.

AccessTimeIconJul 15, 2020 at 7:22 a.m. UTC
Updated May 9, 2023 at 3:09 a.m. UTC

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.
  • Has Crypto Become Political?
    00:51
    Has Crypto Become Political?
  • FTX Victims File to Recover $8B in Forfeited Assets; Will Biden and Trump Shake Hands Before Debate?
    02:14
    FTX Victims File to Recover $8B in Forfeited Assets; Will Biden and Trump Shake Hands Before Debate?
  • DJT Token Rallied 180% on Trump Rumors
    00:55
    DJT Token Rallied 180% on Trump Rumors
  • How Fed's Interest Rate Decisions Could Affect Crypto
    21:50
    How Fed's Interest Rate Decisions Could Affect Crypto
  • Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.