UnionBank assigns crypto custody responsibilities to IBM and Metaco

One of the universal banks of Philippines have now taking its digital assets and its management at more secure level 

Bank needs top grade facilities for its digital assets

American Tech giant IBM and Switzerland’s prominent custody expert Metaco have been picked by Union Bank of Philippines. This is happening because of the consideration of crypto-friendly bank’s new digital assets and crypto wealth management systems. For which institution wanted to ensure a world class facility so it ended up choosing them. 

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Bank has already been said to be crypto friendly because of its adoption of crypto services and asset management very early. IBM is itself an uncommon name when it comes to tech and its picking up for safekeeping cryptocurrency shows the bank’s priority is to choose top notch service available. Metaco has also been providing its custodial services in many financial institutions in Switzerland.

UnionBank self development regarding crypto assets

The Union Bank Philippines, commonly called UnionBank, has managed over $15 billion worth of assets. It is one among the universal banks in the country founded in 1982 and consistently  played forward in terms of adoption of tech and digital assets. The bank has been scout and kept eyes on crypto initiatives even those involving payment services on Blockchain. It has been also working on a stablecoin for which it has partnered with Consensys blockchain and software technology.

With this facility of digital wealth management, the bank wanted to improve the asset’s insurability. It wants to employ certified controls of FIPS 140-2 Level 4, which considered as U.S. Government’s highest level of computer security. This standard of security system is able to not only detect any intervention through physical access into the system but also protects from data leak or loss. 

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Earlier partnership between IBM and Metaco

Last year both IBM and Metaco had made a partnership in March.  Vice President of Metaco’s business development, Seamus Donoghue stated that the firm had been giving its services regarding back-end crypto custody. He mentioned some prominent clients like BBVA and GazpromBank in Switzerland. And it’s known to everyone that almost every bank in the world is receiving IBMs services and Metaco’s partnership with it will result in a broad exposure for the latter on an international level.

Donoghue further stated that all the top level clients of Intel can take advantage of Metaco’s capabilities to stack and run. More easily with existing infrastructure directly because of partnership. He further mentioned about the plans for upcoming integrated systems and programs. IBM has already been the preference of enterprises considering its providing private ledgers services applicable inside the companies network those are in supply chains. With the tech developing and trend moving towards crypto, the tech giant is also not holding its back and applying its expertise in crypto as well.