- SC Ventures was an early investor in Metaco’s vision for institutions to operate digital assets in a safe and compliant ecosystem
Singapore, May 25, 2023 – SC Ventures, Standard Chartered’s innovation, fintech investment and ventures arm, has exited its stake in Metaco SA (Metaco), a Swiss-based tech firm offering critical software infrastructure that enables institutions to issue, secure, manage and trade digital assets.
SC Ventures was one of the early users of Metaco’s technology and the largest institutional investor in the company. SC Ventures’ investment in Metaco aligns with its vision of bringing emerging technologies to market with safe, compliant and robust infrastructure.
“SC Ventures is a great partner who took a leap of faith and believed in our mission-critical custody infrastructure early on,” said Adrien Treccani, Founder and CEO of Metaco. “SC Ventures also provided invaluable advice on corporate governance, business strategy, institutional use cases and access to the SC Ventures’ ecosystem. One of our ongoing strategic business partners is Zodia Custody, a venture incubated by SC Ventures, and we remain committed to deliver on their ambitions as they continue to expand across the globe.”
The partnership with Zodia Custody and SC Ventures helped Metaco refine and continuously innovate its award-winning custody infrastructure offering. Having engaged closely with Zodia Custody and SC Ventures on compliance and risk management matters, Metaco’s platform was developed to meet the stringent requirements of top-tier custodians, banks and financial institutions.
“At SC Ventures, we are committed to building and investing in innovative platforms that meet the requirements of clients at institutional grade,” said Alex Manson, Member, SC Ventures. “We also want to invest in emerging technologies on the cusp of adoption. This combination allows us to achieve transformational impact on banking and financial services. The exit of our stake in Metaco to Ripple, another portfolio company of ours, is a great milestone on that journey and we are thrilled to be associated with their success.”
Established in 2015, Metaco was acquired for US$250 million by Ripple, a leading provider of enterprise blockchain and crypto solutions. Metaco’s custody solution complements Ripple’s strengths in payments, liquidity and tokenization, allowing the company to diversify into the fast-growing institutional crypto custody technology market. Metaco, which continues to operate as an independent brand and business unit led by Treccani, will leverage Ripple’s scale, market strength and network to accelerate its growth and deliver superior experience to existing and future clients.
“We face unprecedented demand from institutional investors for safe and compliant access to cryptocurrencies and digital assets,” said Julian Sawyer, CEO of Zodia Custody. “Our ongoing collaboration with Metaco and the wider SC Ventures ecosystem will ensure Zodia Custody has the right foundation to sustain its innovation track-record and successfully serve this demand, at scale.”
— ENDS —
For further information:
Chi-an Chang, PR & Comms Lead, SC Ventures
SC Ventures is a business unit that provides a platform and catalyst for Standard Chartered to promote innovation, invest in disruptive financial technology and explore alternative business models.
We are a leading international banking group, with a presence in 59 of the world’s most dynamic markets and serving clients in a further 64. Our purpose is to drive commerce and prosperity through our unique diversity, and our heritage and values are expressed in our brand promise, here for good.
Standard Chartered PLC is listed on the London and Hong Kong Stock Exchanges.
About Zodia Custody
Zodia Custody is the leading institution-first digital asset custodian by Standard Chartered, in association with Northern Trust. It enables institutional investors around the globe to realise the full potential of the digital asset future – simply, safely, and without compromise. Through the combination of leading technology, custody, governance and compliance, Zodia Custody satisfies the complex needs of institutional investors.