Multinational financial services company Citibank has partnered with digital asset custody provider METACO to begin developing and piloting digital asset custody services.
- In a press release from Citi, the bank said the companies will work together to build a platform that allows customers to securely store and settle digital assets.
- The bank will fully integrate METACO’s custody platform, Harmonize, into its existing infrastructure. This will extend the bank’s existing capabilities into digital assets while also expanding it into new markets through its global network.
- To be clear, this partnership has nothing to do with cryptocurrencies to do in itself. A Citi spokesperson told CryptoPotato that the pilot will specifically focus on tokenized securities — like tokenized bonds and stocks.
- The technological changes will be an “integral” part of Citi’s institutional client strategy around digital assets, according to the press release.
- “We are innovating and developing new capabilities to support digital asset classes that are becoming increasingly relevant to our clients,” said Okan Pekin, global head of securities services at Citi.
- Adrien Treccani, CEO and Founder of METACO added that the partnership is a “market-defining moment for institutional adoption of digital assets.”
- METACO has supported multiple implementations of its technology stack for institutions regulated by FINMA, BaFin, FCA, Banco de España and MAS.
- Citi currently has $27 trillion in assets under management across 63 markets.
- A number of banks have started offering cryptocurrency custody services (e.g. Bitcoin), with Boston-based Slate Street announcing such services for several top cryptos in March.
- Some larger banks, like Bank of America, feel stymied from entering the digital asset market with such services due to regulatory pressure.
Source: Crypto News Deutsch