Citibank partners METACO to develop a crypto custody platform

Citi, one of the largest custodians in the world with nearly $27 trillion in assets, has announced a strategic partnership with Swiss-based crypto custody firm Metaco as it looks to offer digital asset custody.

Citi will tap into Metaco’s crypto custody technology to develop a platform for its clients, the two firms said in a press release on Wednesday.

🤝🏻 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

Citi to integrate Metaco’s Harmonize platform

To provide a seamless experience for customers, Citi will undertake full integration of Metaco’s Harmonize, a platform that offers bank-grade crypto custody and orchestration. It’s this platform that will help the banking giant to develop and pilot its digital asset custody, the statement added.

Commenting on the collaboration and what it means for Citi, the bank’s Global Head of Securities Services 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.”

Citi boasts over 200 million customer accounts, with its business operations accessible in more than 160 countries worldwide.

The bank’s move to develop a crypto custody platform sees it join a growing group of banking giants exploring and offering crypto services. These include some of the world’s largest custodians like BNY Mellon, JPMorgan, State Street, Northern Trust and HSBC.