Financial services giant Citibank is creating a crypto custody service, saying that a mass digitization of traditional investments is already underway.
According to a new press release, Citi has chosen Swiss-based crypto custody firm METACO as its partner to develop 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…
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 framework.”
METACO’s Harmonize is a crypto orchestration service for both financial and non-financial institutions which includes custody, trading, and tokenization services, as well as staking and smart contract management – all with full regulatory compliance, according to the press release.
Okan Pekin, global head of securities services at Citi, which currently has a staggering $27 trillion of assets under custody, says that digital assets are becoming more and more important to the company’s clients.
“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.”
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Source: https://dailyhodl.com/2022/06/22/citibank-building-crypto-custody-service-says-mass-digitization-of-traditional-investments-taking-place/