StanChart-backed Metaco inks custody insurance deal with OneDegree

Quick Take

  • OneDegree will provide digital asset insurance to Metaco’s custody and platform clients.
  • Metaco customers include BNP Paribas and Citibank.

Standard Chartered-backed crypto infrastructure provider Metaco has teamed up with insurer OneDegree to provide insurance to digital custody users. 

The deal will see OneDegree provide digital wallet insurance to financial institutions using Switzerland-based Metaco’s Harmonize custody platform, according to a release from the companies. 

Metaco focuses on developing custody and trading platforms for regulated financial institutions, including BNP Paribas and Citigroup, tapping the market for such services as banks and asset managers move into crypto. The tie-up with OneDegree, a Hong Kong-based insurer, means Metaco clients can also access insurance and risk management services, according to the release.

Providing institutional-grade crypto custody services is a growing market at the moment. BNY Mellon, the world's largest custodian bank, last month started its own offering. On Monday, private equity group Apollo Global Management announced a partnership with Anchorage Digital to store the large majority of the digital assets the firm handles for its clients. 

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.