Equipping the Digital Asset Security Infrastructure Metaco has partnered with IBM’s technology conglomerate to leverage the company’s cloud platform for enterprise-class digital asset management solutions.
According to a press release issued on Thursday, Metaco will use IBM Cloud and IBM Cloud Hyper Protect Services for its digital asset orchestration system.
The aim of the partnership is to provide adequate digital asset management services for banks and other highly regulated financial services companies that want to participate in the digital asset ecosystem across applications such as tokenization, custody and transaction management.
As part of this announcement, Metaco will reportedly use IBM’s confidential calculations and “Keep Your Own Key” or KYOK encryption to ensure that the company’s customers retain exclusive access to their private keys. The press release also revealed that clients will be able to operate an asset orchestration system on-site or in the cloud or through a hybrid cloud environment.
Robust security protocols such as KYOK are essential for Metaco to protect client information and mitigate the risks posed by hackers.
Commenting on the collaboration with IBM, Metaco CEO Adrien Treccani noted that the collaboration will enable the company to provide a higher level of security for its clients in creating products and services in the digital asset space.
In an interview with Cointelegraph, Seamus Donaghue, vice president of strategic alliances at Metaco, highlighted the ways in which the digital asset orchestration system will help banks and other financial services companies meet regulatory requirements, and said:
“The responsibilities of delegated asset managers require them to outsource custody to regulated depositaries.” Our multi-manager solution allows them – with a single integration into their core infrastructure – to seamlessly manage and diversify risks across multiple managers, all within a holistic framework of risk and control. “
According to Donaghue, the company’s offer also offers the added benefit of efficient transfers of digital assets from secure blockages. “Orchestration can be parameterized to take advantage of trusted directories and secure workflow automation that facilitates immediate but secure movements as needed. In this way, the company can be sure that its assets are always safe, but it can respond to rapidly evolving markets, Metaco’s CEO added to Cointelegraph.
In December 2020, Donaghue noted this regulatory clarity for cryptocurrencies allowed for greater institutional involvement in the asset space.
In 2020, there were in fact significant attacks banks and other companies providing financial services to cryptocurrencies especially in the area of detention.