Global Citi Bank Partners With METACO
On June 22, leading global
bank Citi selected METACO, a Switzerland-based crypto custody startup as their
strategic partner to develop and pilot digital asset custody capabilities.
This partnership brings together METACO’s technology and digital solutions with the financial services multinational Citigroup’s expansive custody network to develop a platform to enable clients to store and settle digital assets flawlessly and safely.
To develop and pilot digital asset custody capabilities, Citigroup expects to completely incorporate METACO’s bank-grade digital asset custody and orchestration platform, Harmonize, into its existing infrastructure.
“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 empowers Citi to stretch out its current capabilities to digital assets while utilizing its current technological, operating, and servicing model. Citi’s extensive global network, combined with the power of the Harmonize platform, will allow Citi to expand safely and effectively into new markets while using its existing global operations, technology, and risk frameworks. The technology capabilities created under this collaboration will be a vital 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 a few key executions, including FINMA, BaFin, FCA, Banco de España, and MAS-regulated organizations.
With over US$27 trillion of assets under custody, organization, and trust, and an industry-driving proprietary network crossing 63 business sectors, Citi Securities Services gives their customers inside and out transparent local market expertise, high-level processing technologies, and a varied range of custody and fund services that can be custom-made to address the needs of customers.
CBW - External Analyst