Multinational financial services company Citibank has partnered with digital asset custody services provider METACO to begin development and pilot testing of digital asset custody services.
- AT Press release from Citi, the bank said the companies will work together to build a platform that will allow customers to securely store and settle digital assets.
- The bank is fully integrating the METACO Harmonize depository platform into its current infrastructure. This will expand the bank’s existing digital asset capabilities as well as extend them across the global network to new markets.
- To be clear, this partnership is not related to cryptocurrencies per se. A Citi spokesperson told Cryptooshalathat the pilot will focus specifically on tokenized securities such as tokenized bonds and stocks.
- According to the release, technological change will become an “integral part” of Citi’s institutional client strategy for digital assets.
“We are innovating and developing new capabilities to support the increasingly relevant digital asset classes for our clients,” said Okan Beijing, Global Head of Securities at Citi.
- METACO CEO and Founder Adrian Treccani added that the partnership is “a market-defining moment for the institutional adoption of digital assets.”
- METACO has supported several implementations of its technology stack for institutions regulated by FINMA, BaFin, FCA, Banco de España and MAS.
- Citi currently manages $27 trillion in assets spanning 63 markets.
- Last year, a host of banks began offering custody services for cryptocurrencies (such as bitcoin), and Boston’s Slate Street announced such services for several popular cryptocurrencies in March.
- Some major banks, such as Bank of America, are unable to enter the digital asset market with such services due to regulatory pressure.
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Credit : cryptopotato.com