Citi & METACO collaborate to build digital asset custody capabilities

By Vinisha Joshi  | Date: 2022-06-23

Citi & METACO collaborate to build digital asset custody capabilities

Citi has recently announced that it has partnered with METACO to pilot and develop its digital asset custody capabilities.

Reportedly, this partnership will combine the vast custody network of Citi with the digital and technological solutions of METACO to build a platform that allows clients to settle and store digital assets securely and seamlessly.

As per sources, Citi plans to integrate Harmonize- METACO’s orchestration platform and bank-grade digital asset custody- into its prevailing infrastructure for piloting and developing digital asset custody capabilities.

Okan Pekin, Global Head of Security Services, Citi, stated that they have been observing the augmented digitization of conventional investment assets along with latest native digital assets.

Okan mentioned that they plan to develop and innovate new capabilities to back digital asset classes that have become very vital to their clients.

According to reports, this strategic collaboration will allow Citi to extend its capabilities to digital assets while leveraging the present operating, technological, and servicing model.

Furthermore, Citi’s extensive international network along with Harmonize platform will let Citi expand effectively and securely into new markets while using its existing technology, global operations, and risk frameworks.

In addition, the technological capabilities built in this collaboration will be a vital part of the bank’s Institutional Client Group digital asset strategy.

Adrien Treccani, Founder and Chief Executive Officer, METACO, stated that the team is delighted to collaborate with Citi, which is one of the biggest security service companies, for backing up their vision in bridging traditional and digital assets. This step is a market-defining event for the institutional adoption of digital assets.

For the unversed, METACO, the foremost technology provider to financial organizations in the digital asset ecosystem, has backed many major implementations such as BaFin, FINMA, MAS regulated institutions and Banco de Espana.

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Vinisha Joshi

Vinisha Joshi

As a qualified Engineering graduate, Vinisha Joshi takes pride in playing with words. Presently, she pens down insightful articles on business, core industry, technology, and the like for Thisisourtownrichmond in addition to other platforms. Creativity comes naturally...

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