Citi Partners With Metaco to Develop Institutional Digital Asset Custody Capabilitiesby Company Announcement June 23, 2022
Citi announced yesterday that it has selected Switzerland-based METACO to develop and pilot digital asset custody capabilities.
This collaboration brings together METACO’s technology and digital solutions with Citi’s expansive custody network to develop a platform to enable clients to store and settle digital assets seamlessly and securely. Citi intends to fully integrate METACO’s bank-grade digital asset custody and orchestration platform, Harmonize, into its existing infrastructure, to develop and pilot digital asset custody capabilities.
“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,”
said Okan Pekin, Global Head of Securities Services at Citi.
This strategic partnership enables Citi to extend its existing capabilities to digital assets while leveraging its current technological, operating and servicing model. Citi’s extensive global network, coupled with the power of the Harmonize platform, will allow Citi to expand securely and effectively into new markets, while utilizing 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.
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.”
The leading technology provider to financial institutions in the digital asset ecosystem, METACO has supported several key implementations, including FINMA, BaFin, FCA, Banco de España, and MAS regulated institutions.
With over US$27 trillion of assets under custody, administration and trust, and an industry-leading proprietary network spanning 63 markets, Citi Securities Services provides clients with in-depth local market expertise, advanced processing technologies, and a wide range of custody and fund services that can be tailored to meet clients’ needs.
Featured image credit: edited from Unsplash