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IBM unveils new air-gapped cold storage solution for digital assets

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Coin Telegraph

The new system works a lot like a time delay safe for digital assets with a policy engine to broker communications.

IBM announced the launch of IBM Hyper Protect Offline Signing Orchestrator (OSO), an air-gapped cold storage solution for digital assets, on Dec.

Working with digital asset manager Metaco, an IBM partner and Ripple subsidiary, and tier-1 banks, IBM developed the end-to-end asset encryption service to address common vulnerabilities found in typical cold storage solutions.

Per an IBM blog post:

“When it comes to offline or physically air-gapped cold storage, there are limitations, including privileged administrator access, operational costs and errors and the inability to truly scale. All these limitations are due to one underlying factor—human interaction.”

Cold storage

IBM designed OSO to address these vulnerabilities by removing the manual functions of initiating and conducting transactions.

This, according to the blog post and accompanying research, prevents most common forms of insider attack including physical access, administrative manipulation, and coercion attacks.

Further ensuring OSO’s resilience to attack, digital assets can be placed in “air-gapped” storage container.

Securing blockchain transactions

Administrators managing cold storage solutions in a typical air-gapped paradigm usually have to hand-carry physical storage devices such as laptops or USB drives to offline hardware in order to sign transactions.

Ripple-Owned Metaco Integrates With Institutional Custody Firm Backed by Standard Chartered

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Ripple Labs Acquires Blockchain Infrastructure Firm Fortress Trust

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Ripple Spends $250,000,000 on Institutional Digital Asset Custody Firm Metaco

May 17, 2023 The Daily Hodl

Ripple acquires Swiss blockchain custody firm Metaco for $250M

May 17, 2023 Coin Telegraph

Ripple acquires Swiss blockchain custody firm Metaco for 0M

Coin Telegraph

Metaco raised $17 million in a Series A funding round in 2020. The company raised $20 million in total before being acquired.

On May 17, Ripple, creator of the namesake payments network and XRP token, announced it had acquired Swiss digital asset custodian and tokenization provider Metaco for $250 million. With the acquisition, Ripple says it will expand its enterprise offering to custody, issue, and settle tokenized assets. The firm's developers wrote:

"Metaco will dramatically accelerate its growth trajectory through access to Ripple's established base of hundreds of customers, capital to address new demand, and resources to continue delivering on its commitment to banking and institutional clients."

Ripple estimates the institutional crypto custody market will reach $10 trillion by 2030. Its research also shows that "most global finance leaders at financial institutions" plan to use crypto custody solutions within the next three years. It cites the examples of BNY Mellon's crypto custody management plans and the Nasdaq's plans to launch crypto custody services in the second quarter. Adrien Treccani, founder and CEO at Metaco, commented:

"This deal will enable Metaco to leverage Ripple's scale and market strength to reach our goals and deliver value to our clients at a faster pace. We look forward to continuing to serve unprecedented levels of institutional demand."

Metaco's primary offering is Harmonize, an institutional standard for digital asset custody and tokenization infrastructure that the firm says is used by major financial institutions. Founded in 2015, Metaco has raised $20 million through four rounds before the May 17 announcement, according to Crunchbase. "Ripple will continue pressing our advantage in the areas critical to crypto infrastructure," commented Ripple's CEO Brad Garlinghouse.

Today, we are proud to announce Ripple has acquired @metaco_sa, becoming the sole shareholder of the Swiss-based provider of digital asset custody and tokenization technology.

Learn more: https://t.co/GrI3u13iDT
— Ripple (@Ripple) May 17, 2023

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Union Bank of the Philippines launches Bitcoin and Ethereum trading

November 2, 2022 Coin Telegraph

Banks

UnionBank, one of the largest universal banks in the Philippines, debuts cryptocurrency trading via a partnership with a Swiss crypto firm.

The Union Bank of the Philippines (UnionBank), one of the largest universal banks in the Philippines, debuts cryptocurrency trading via a partnership with a Swiss crypto firm.

UnionBank has launched a pilot program for Bitcoin (BTC) and Ether (ETH) custody and trading services for select retail customers, the firm said in a joint announcement on Nov. 2.

The new investment and trading feature launches in collaboration with the Swiss crypto technology firm Metaco, with UnionBank going live on Metaco’s digital asset platform Harmonize. UnionBank initially partnered with Metaco for the development of crypto trading services in January 2022.

Licensed and supervised by the Philippines’ central bank, Bangko Sentral ng Pilipinas (BSP), UnionBank has been actively exploring the crypto industry in recent years. In 2019, UnionBank launched a payments-focused stablecoin pegged to the Philippine peso.

Henry Aguda, chief technology officer and chief transformation officer at UnionBank, said that Metaco has been critical in the bank’s goal to provide “customer-centric” services in the Philippines. He also noted that UnionBank is among the early regulated adopters of crypto in the country, stating:

“We are proud to continue UnionBank’s series of industry firsts, this time being the first regulated bank in the country allowing digital currency exchange features for clients.”

The news comes shortly after Philippines President Ferdinand Marcos highlighted the importance of adopting blockchain technology to master digital banking and digital transactions.

In an official presidential speech published in September 2022, Marcos referred to several related milestones by UnionBank, stating:

“The track record of UnionBank in creating opportunities through innovation and digital solutions in the banking sector is uncontested.”

Previously, BSP also warned the public against using non-local crypto trading platforms, stressing that dealing with foreign virtual asset service providers poses challenges in enforcing consumer protection. As of August, there were 19 registered VASPs in the Philippines.

Citibank Building Crypto Custody Service, Says Mass Digitization of Traditional Investments Taking Place

June 22, 2022 The Daily Hodl

Metaco

Cold storage

Securing blockchain transactions

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