Switzerland-based cryptocurrency technology developer Metaco has raised an undisclosed amount in a funding round that included banking software provider Avaloq, which acquired a 10% stake in the company.
Telecommunications firm Swisscom, postal service Swiss Post and Sicpa, which provides security inks for currencies and passports, also took part in the round. Francisco Fernandez, chairman and founder of Avaloq, will join Metaco’s board of directors.
Founded in 2014, Metaco helps banks and financial institutions incorporate blockchain technologies and systems into their core processes. It also enables users to deploy a crypto-wallet ecosystem and manage transactions from their banking systems.
The company’s other investors include seed fund Venture Kick. Metaco’s founder and CEO, Adrien Treccani, said: “The enormous potential of distributed ledgers and digital assets in the banking industry has remained largely unexploited due to the lack of integrated solutions and the radically innovative nature of such systems.
“Therefore, I am extremely excited to be connected to the Avaloq Community even closer. Avaloq and the other new shareholders will allow us to specialise even further and accelerate growth in the banking sector.”