UnionBank of the Philippines Picks IBM and Metaco for Crypto Custody

Leveraging IBM’s key management capabilities, Metaco’s Seamus Donoghue said there are a number of similar deals in the pipeline.

Jan 20, 2022 at 6:00 a.m. UTC
Updated Jan 20, 2022 at 3:09 p.m. UTC

Ian Allison is an award-winning senior reporter at CoinDesk. He holds ETH.

Crypto-friendly UnionBank of the Philippines will be using cryptocurrency safekeeping technology from IBM and Swiss custody specialist Metaco, the companies said Thursday.

Metaco has been providing the back-end crypto custody capabilities in Switzerland for banks including BBVA and GazpromBank since as far back as 2018. Since many of the world’s banks are already clients of IBM, the partnership with Metaco, announced in March of last year, makes 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 has traditionally been a stalwart of enterprise blockchain: private ledgers running inside the firewalls of companies involved in supply chains and the like. But Big Blue has now begun applying its key management know-how to public crypto.

This includes IBM Cloud Hyper Protect Crypto Services built on IBM’s hardware security modules, according to a press release.

UnionBank, which has over $15 billion in assets under management, has been a tireless explorer of cryptocurrency initiatives including doing blockchain payments with Visa, remittances in partnership with Ethereum developer 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.

The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

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

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.

CoinDesk - Unknown

Ian Allison is an award-winning senior reporter at CoinDesk. He holds ETH.

CoinDesk - Unknown

Ian Allison is an award-winning senior reporter at CoinDesk. He holds ETH.

Trending

1
CoinDesk - Unknown
After the Terra Meltdown: What's Next for Stablecoins?

The largest token collapse in crypto history. So let Luna die.

The largest token collapse in crypto history. So let Luna die.

CoinDesk - Unknown
2
CoinDesk - Unknown
5 Key Takeaways From a16z's State of Crypto Report

The venture firm is extremely bullish on Web 3.

The venture firm is extremely bullish on Web 3.

CoinDesk - Unknown
3
CoinDesk - Unknown
Regulators Are Paying Attention to UST

The collapse of terraUSD (UST) is algorithmic stablecoins’ Libra moment.

The collapse of terraUSD (UST) is algorithmic stablecoins’ Libra moment.

CoinDesk - Unknown
4
CoinDesk - Unknown
San Francisco NFL Player Alex Barrett Taking His Salary in Bitcoin

The most valuable crypto stories for Thursday, May 20, 2022.

The most valuable crypto stories for Thursday, May 20, 2022.

CoinDesk - Unknown