SC Ventures Parts Ways with Metaco

Blockhead -

SC Ventures, the corporate venture capital arm of Standard Chartered Bank, today announced that it has exited its stake in Metaco, a Swiss-based digital asset custody firm.

SC Ventures was the largest institutional investor in Metaco, which aims to provide institutions with a secure and compliant ecosystem for operating digital assets. The partnership between SC Ventures and Metaco led to significant advancements in Metaco's award-winning custody infrastructure, with valuable contributions in areas such as corporate governance, business strategy, institutional use cases, and access to SC Ventures' ecosystem, the announcement said.

Notably, Zodia Custody, a venture incubated by SC Ventures, remains a strategic partner of Metaco, and the companies continue to collaborate on compliance and risk management matters.

Alex Manson, who heads SC Ventures globally, emphasized the commitment to building and investing in innovative platforms that meet institutional-grade requirements while also investing in emerging technologies on the verge of adoption.

Metaco's Future Aligned with Ripple

Metaco, established in 2015, was recently acquired by Ripple for US$250 million. The acquisition marks the enterprise blockchain's diversification into custody solutions, opening up the blockchain business to more revenue opportunities. Ripple said it hopes to expand its enterprise offerings, providing customers with the technology to custody, issue, and settle any type of tokenized asset.

Metaco will continue to operate as an independent brand and business unit, led by founder and CEO Adrien Treccani.

Julian Sawyer, CEO of Zodia Custody, acknowledged the surging demand from institutional investors for safe and compliant access to cryptocurrencies and digital assets. The ongoing collaboration between Zodia Custody, Metaco, and the broader SC Ventures ecosystem ensures that Zodia Custody is well-positioned to sustain its track record of innovation and successfully meet the growing demand at scale, Sawyer said in the announcement.

Stay ahead of the game by signing up as a member of Blockhead and never miss a beat in the world of digital assets.