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According to Citibank, which is building a crypto custody service, a mass digitization of traditional investments is happening

Financial services giant Citibank is creating a crypto custody service and says a mass digitization of traditional assets is already underway.
According to a new press release, Citi has selected Swiss-based crypto custody company METACO as a partner to develop digital asset custody capabilities.

“This collaboration brings together METACO’s technology and digital solutions with Citi’s expansive custody network to develop a platform that enables customers to seamlessly and securely store and transact digital assets.

Citi intends to fully integrate Harmonize, METACO’s bank-grade digital asset custody and orchestration platform, into its existing infrastructure to develop and test digital asset custody capabilities…

This strategic partnership allows Citi to extend its existing capabilities to digital assets while leveraging its current technology, operations and maintenance model.

Citi’s extensive global network, coupled with the power of the Harmonize platform, will enable Citi to safely and effectively expand into new markets while leveraging its existing global operations, technology and risk framework.”

METACO’s Harmonize is a crypto orchestration service for financial and non-financial institutions that includes custody, trading and tokenization services, as well as staking and smart contract management – all with full regulatory compliance, according to the press release.

Okan Pekin, global head of securities services at Citi, which currently has a staggering $27 trillion in assets under custody, says digital assets are becoming increasingly important to the company’s clients.

“We are witnessing the increasing digitization of traditional fixed assets along with new native digital assets. We are innovating and developing new capabilities to support digital asset classes, which are becoming increasingly relevant to our clients.”

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