Global financial services giant Citibank is launching a crypto custody service for its clients, noting that a mass digitization of traditional investments is already underway. The banking giant currently has a massive $27 trillion of assets under custody,
In a new press release, Citi explained Swiss-based crypto custody firm METACO will be its 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 to enable clients to store and settle digital assets seamlessly and securely.
Citi intends to fully integrate METACO’s bank-grade digital asset custody and orchestration platform, Harmonize, into its existing infrastructure, to develop and pilot digital asset custody capabilities.
This strategic partnership enables Citi to extend its existing capabilities to digital assets while leveraging its current technological, operating and servicing model.
Citi’s extensive global network, coupled with the power of the Harmonize platform, will allow Citi to expand securely and effectively into new markets, while utilizing its existing global operations, technology, and risk framework.”
METACO’s Harmonize is a crypto orchestration service for both financial and non-financial institutions. Their services include custody, trading, and tokenization services. In addition it offers staking and smart contract management, all fully regulated.
Global head of securities services at Citi, Okan Pekin, stressed the importance of digital assets to his firm’s clients:
“We are witnessing the increasing digitization of traditional investment assets along with new native digital assets. We are innovating and developing new capabilities to support digital asset classes that are becoming increasingly relevant to our clients.”
A year ago, Citibank researchers reported that Bitcoin could become “an international trade currency”.
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Source: Igaming
