Citigroup has chosen infrastructure company Metaco as a partner to launch a pilot platform for custody and management of digital assets.
🤝🏻 We’re incredibly proud to share that @Citi, one of the world’s leading #custodian banks, has selected METACO to develop and pilot Digital Asset Custody capabilities.
Read the full press release here: https://t.co/W451ALDtL3#digitalassets #digitalcustody #globalcustodian pic.twitter.com/ziIGfcJLfO
— METACO (@metaco_sa) June 22, 2022
As part of the collaboration, Citi will integrate the Harmonize solution from the Swiss firm.
«We are innovating and developing new capabilities to support digital asset classes that are becoming increasingly relevant for our clients», — said Okan Pekin, head of Citi Securities Services.
According to the press release, the new partnership will allow the bank to expand its digital-asset operations by leveraging existing technology, operating, and service models.
“The Citi network, with its extensive global reach, combined with the performance of the Harmonize platform, will enable safe and efficient expansion into new markets,” the statement said.
The technological capabilities developed in collaboration with Metaco will become a “integral part of Citi’s digital assets group strategy,” the bank noted.
The conglomerate has more than 200 million client accounts and operates in more than 160 countries and jurisdictions. Citi Securities Services holds and manages assets totaling more than $27 trillion.
In November 2021, Citigroup announced the launch of a cryptocurrency-focused division to serve institutional clients.
Prior to that, a similar group was created within the structure of Citi Global Wealth Investments’ asset management arm.
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