According to a Business Wire report, METACO’s technology and digital solutions will be combined with Citi’s extensive custody network to create a platform that would enable customers to hold and settle digital assets such as Bitcoin (BTC) in a secure and straightforward manner.
Citi plans to fully integrate METACO’s bank-grade digital asset custody and orchestration platform, Harmonize, into its current infrastructure in order to develop and test digital asset custody capabilities.
Okan Pekin, Citi’s Global Head of Securities Services, stated:
“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.”
Citi to expand crypto capabilities
This strategic alliance is expected to optimise Citi’s existing technical, operational, and customer service model, allowing 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 backed a number of significant implementations, including those of regulated institutions like FINMA, BaFin, FCA, Banco de Espaa, and MAS.
Citi Securities Services, with over $27 trillion in assets under custody, provides customers with in-depth local market experience, innovative processing technologies, and a comprehensive range of custody and fund services that can be tailored to the client’s specific needs.
More banks are providing crypto custody services
Finally, as the cryptocurrency market matures and digital currencies gain traction, a number of states in the United States are investigating ways to incorporate crypto and digital currency transactions into the operations of their respective financial institutions.
On June 21, Louisiana Governor John Bel Edwards signed a bill allowing financial institutions in Louisiana to custody Bitcoin and other digital assets for customers.