LevelField Operates METACO’s Digital Asset Custody Platform Before US Banking Charter
LevelField is made up of career bankers who deeply understand the importance of compliance and security.
LevelField Financial has partnered with METACO as the American crypto-focused financial services company is in the process of acquiring a federally chartered bank in the United States.
Founded in 2018, LevelField combines digital banking, securities and digital assets into a platform for digital and traditional assets that leverages the strengths of the US banking system.
To launch its digital asset offering, LevelField will use METACO’s digital asset custody and orchestration platform, Harmonize, which will help customers securely store, exchange and settle digital assets.
Built in partnership with Tier 1 banks and offering high security and compliance standards, the highly scalable platform will enable LevelField to operate in the digital asset industry and further expand its offering in the future.
The partnership will enable LevelField to leverage the confidential computing capabilities of IBM’s digital asset infrastructure through METACO’s institutional digital asset management operations on IBM Cloud.
Harmonize is supported by IBM Cloud Hyper Protect Services, which will put LevelField in a position to scale to millions of wallets, while retaining control over private keys for risk management.
IBM’s digital asset infrastructure helps custodians achieve better results when using METACO’s Harmonize platform, including improved scalability, security, and compliance.
IBM’s cloud-based encryption solution is designed to allow METACO Vaults to store encrypted keys externally in a database while providing the protections of FIPS 140-2 Level 4 rated Hardware Security Modules (HSMs) from IBM.
METACO’s integration with IBM also reduces the risk of malicious code insertion during Harmonize deployments and addresses unauthorized rule manipulation by working to make policies on the platform tamper-proof.
Custodians retain physical control of the asset root of trust and the policies that govern asset management, via IBM HSM smart cards.
Seamus Donoghue, Vice President of Strategic Alliances at METACO, said, “We are thrilled to help LevelField achieve its vision of uniting digital assets with traditional finance to create the most trusted banking platform of the future. Harmonize delivers bank-grade security and compliance for digital asset custody and management, plus the agility for innovative companies like LevelField to get to market and scale quickly. With a flexible governance policy framework that can be applied to any type of digital asset transaction, a model with no single point of failure, and the ability to scale and offer any type of digital asset service, Harmonize provides a highly secure and flexible foundation solution for LevelField to manage its digital asset operations, now and in the future. »
Michael Clayton, CTO, LevelField, said, “LevelField is made up of career bankers who deeply understand the importance of compliance and security. We searched for the platform that would allow us to meet our rigorous security and compliance standards, while giving us the flexibility to grow our digital asset business in all directions. METACO’s Harmonize orchestration platform, supported by IBM Cloud Hyper Protect Services, is the ideal solution and something that could become the benchmark in the industry. This infrastructure allows us to demonstrate our compliance and the highest levels of security, regardless of the area of digital assets in which we develop. »