Citi to Offer Digital Asset Custody with Metaco
Posted by Colin Lambert. Last updated: June 24, 2022
Citi has selected Swiss firm Metaco to develop and pilot digital asset custody capabilities for the bank to offers to its clients.
Citi says it intends to fully integrate Metaco’s digital asset custody and orchestration platform, Harmonize, into its existing infrastructure, to develop and pilot digital asset custody capabilities.
“We are witnessing the increasing digitisation of traditional investment assets along with new native digital assets,” says Okan Pekin, global head of securities services at Citi. “We are innovating and developing new capabilities to support digital asset classes that are becoming increasingly relevant to our clients.”
The bank says the partnership enables it to extend its existing capabilities to digital assets while leveraging its current technological, operating and servicing model, thus allowing it to expand securely and effectively into new markets, while utilising its existing global operations, technology, and risk frameworks. The technology capabilities developed under this partnership will be an integral part of Citi’s Institutional Client Group digital asset strategy, it adds.
“We are pleased to team up with Citi, one of the largest securities services firms, to support them in their vision to bridge digital and traditional assets,” says Adrien Treccani, CEO and founder of Metaco. “This initiative is a market-defining moment for institutional adoption of digital assets.”