Covario chooses Metaco to scale its digital asset custody operations

Karthik Subramanian

Covario, the Swiss-based digital asset prime broker, has chosen Metaco Harmonize to orchestrate its digital custody operations and help to scale up its infra and business.

Development of Financial Passport across all sectors

As the scale of operations growing the digital asset business, the companies would need to work with multiple sub-custodians, liquidity providers, vaults, and others. If not properly controlled and monitored, the situation can quickly get out of hand especially in terms of security for the digital assets and scalability as well. This is why companies like these need to tie up with third-party experts and platforms who specialize in security and scalability handling so that they can focus on their business.

This is the kind of scenario that was faced by Covario, the prime broker for many digital asset managers as it had to deal with more than 20 liquidity providers, sub-custodians, and vaults as well. The company was looking for a partner to help resolve this complexity and synchronize the various parts of the infrastructure and ensure tight management of the company’s operations and the company has now chosen the METACO Harmonize as the platform for this purpose.

Mark Banner, Covario Co-Founder, commented: “Covario’s focus has always been on providing secure, reliable, fast, and compliant services to the institutional crypto market. With the vast group of electronic exchanges, 3rd-party custodians, financing pools, and alternative trading venues that we connect to globally, we have been searching for a solution to help unify our policy management while enhancing security and scalability. The METACO Harmonize product impressed us with its flexibility and sophistication and is a perfect complement to our existing stable of leading institutional financial technology solutions.”

The company hopes that the Harmonize platform would be able to orchestrate all the sub-products and third-party platforms that it has to deal with and creates a layer for seamlessly integrating future use cases as well.

Harmonize is expected to ensure that scalability and security go hand in hand and Covario would not have the need to sacrifice one for the sake of the other and ensure that the trade execution services that it provides now for the digital asset managers would continue to operate seamlessly and reliably as well. One of the key aspects of holding digital assets is to ensure that they are secure at all times and asset managers would need this assurance so that they can trust the trading platform and execute their trades to perfection.

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