METACO and Swiss Crypto Exchange (SCX) join forces to provide most-reliable crypto-asset exchange and custody solution
Zurich, 30 October 2018 - METACO, a leading Swiss provider of ultra-secure distributed-ledger infrastructure, and Swiss Crypto Exchange (SCX), the first regulated crypto exchange in Switzerland, join forces to provide banks and regulated custodians with the most-reliable cryptoasset exchange and custody solution.
Traditionally, cryptoasset exchanges have been extremely centralised and have been subject to security failures leading to billions-worth of assets lost or stolen. SCX's unique offering to connect banks directly with each other removes the risk of customers having to rely on exchanges for cryptoasset storage. METACO's cryptoasset custody infrastructure, SILO, integrated with SCX, enables the trading of cryptocurrencies with the highest degree of security and reliability, with no central point of failure. SCX will be the first centralized marketplace with decentralized custody-providers in a regulated environment.
SILO is directly implemented in the interfaces of Avaloq, Swisscom and Temenos, the three leading Swiss banking-software providers. For financial institutions, this implies that cryptoassets can be seamlessly integrated into their traditional interfaces and business operations as a new asset class in a secure and reliable manner.
SCX considers safe cryptoasset custody in the traditional banking infrastructure as imperative for the growth of this market. It contributes in building trust and allows institutional clients to enter the cryptomarket with confidence as custody is retained by trusted and regulated providers, such as banks. SCX focuses on providing liquidity and the necessary technology to support the ecosystem between the institutions while leaving the custody activity to the banks themselves through METACO's solution.
In a personal statement Cyrill Tröndle states: "It is amazing how we can help grow this ecosystem in a trustworthy and secure manner. Thus far, the only missing part was the safe custody on the banks' side, and METACO's SILO is solving solves this. SCX does not aim to hold clients' money or cryptoassets. We believe clients should be holding these digital assets safely at their own banks or trusted financial providers. We trust that this revolutionary technical implementation via SILO will lower the hurdle for financial institutions to implement cryptoasset classes into their client-offering with SCX."
"By allowing banks to retain responsibility over their clients' digital assets, SCX's unique model succeeds at solving two of the biggest points of friction that have prevented mass adoption of crypto assets: security and accessibility. I am excited to join forces with the exceptional team at SCX to deploy the most-secure and fully-integrated cryptoasset trading services in banking", comments Adrien Treccani, METACO Co-founder and CEO.
SCX was founded to provide secure, high-quality and transparent access to blockchain-based products from Switzerland. SCX offers the trading of Bitcoin, Ether and selected payment and utility tokens. SCX is convinced that blockchain- and cryptotechnology will enable significant improvements and innovation for Switzerland as a business location and for the associated international markets.
Address: SCX (c/o Blockworks AG), Scheideggstrasse 73, 8038 Zurich, Switzerland
Address: Barino Consulting ,Kantonsstrasse 79, 8807 Freienbach, Switzerland
Tel.: +41 79 335 24 24
This press release contains "forward-looking statements" in relation to Blockworks AG ("Blockworks") and Swiss Crypto Exchange ("SCX"), including assessments, estimates and forecasts with regard to management plans and objectives and the future business activities and services of Blockworks and SCX. These statements are based on plans, estimates and forecasts that are currently available to management, but which may prove to be incorrect.
By their very nature, forward-looking statements are subject to known and unknown risks, uncertainties and other factors. They are therefore initially only valid on the date on which they are made. Blockworks and SCX do not give any assurance and accept no liability with regard to the correct presentation, completeness, correctness, adequacy or accuracy of the information and assessments contained in this press release. The information provided may be changed at any time without any notification. Blockworks and SCX are not obliged to publicly update or adapt the forward-looking statements or other information contained in this press release.