Today (June 22), Citi made the announcement that it has chosen METACO as the partner to develop and trial digital asset custody capabilities.
Through this agreement, METACO’s technology and digital solutions will be combined with Citi’s extensive custody network in order to establish a platform that will allow customers to hold and settle digital assets such as Bitcoin (BTC) in a safe and straightforward manner, according to a Business Wire report.
In order to develop and trial digital asset custody capabilities, Citi plans to completely integrate METACO’s bank-grade digital asset custody and orchestration platform, Harmonize, into its current infrastructure.
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Global Head of Securities Services at Citi, Okan Pekin, said:
“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.”
Cit to expand crypto capabilities
Citi’s existing technical, operational, and customer service model may be optimized via this strategic alliance, which allows Citi to expand its existing capabilities to digital assets.
Adrien Treccani, CEO and Founder of METACO, commented:
“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. This initiative is a market-defining moment for institutional adoption of digital assets.”
METACO is the main technology supplier to financial institutions in the digital asset ecosystem. They have supported numerous significant implementations, including those of regulated institutions such as FINMA, BaFin, FCA, Banco de España, and MAS.
With over $27 trillion of assets under custody, Citi Securities Services offers customers in-depth local market experience, innovative processing technologies, and a comprehensive variety of custody and fund services that can be adapted to fit the client’s specific requirements.
More banks offering crypto custody services
Finally, as the cryptocurrency market grows and digital currencies gain more widespread acceptance, a number of states in the United States are exploring methods to include crypto and digital currency transactions into the operations of their respective financial institutions.
On June 21, Governor of Louisiana John Bel Edwards signed a bill allowing financial institutions in Louisiana to custody Bitcoin and other digital assets for customers.