Swiss fintech firm Avaloq has acquired a 10% stake in Metaco, a local blockchain and crypto-currency specialist.

The deal forms part of Metaco’s second funding round, which also involved the participation of Swisscom, Swiss Post and SICPA. Financial terms of the deal were not revealed.

Metaco and Avaloq will collaborate going forward, with Avaloq founder and group chairman Francisco Fernandez securing a seat on Metaco’s board.

The two companies will not make any organisational changes as part of the deal.

“The aim of Metaco and Avaloq is to help the financial industry with the opportunities and challenges of blockchain technology by offering outstanding solutions in the field of distributed ledger, cryptocurrencies and digital assets. We believe the world is heading towards accelerated digitalisation of further asset classes and processes,” Fernandez stated.

Metaco founder and CEO Adrien Treccani said: “The enormous potential of distributed ledgers and digital assets in the banking industry has remained largely unexploited due to the lack of integrated solutions and the radically innovative nature of such systems. Therefore, I am extremely excited to be connected to the Avaloq Community even closer.

“Avaloq and the other new shareholders will allow us to specialize even further and accelerate growth in the banking sector.”

Metaco develops cryptographic solutions that can be integrated into a bank’s core processes as well as offers custody solutions for crypto assets. The company, founded in 2014, already offers its solutions on the Avaloq Software Exchange.