Citi Partners With METACO for Digital Asset Custody Pilot

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The multi­na­tion­al finan­cial ser­vices firm Citibank has part­nered with METACO – a dig­i­tal asset cus­tody provider – to start devel­op­ing and pilot­ing dig­i­tal asset cus­tody services.

  • In a press release from Citi, the bank revealed that the com­pa­nies will work togeth­er to build a plat­form that lets clients secure­ly store and set­tle dig­i­tal assets.
  • The bank will ful­ly inte­grate METACO’s cus­tody plat­form, Har­mo­nize, into its cur­rent infra­struc­ture. This will extend the bank’s exist­ing capa­bil­i­ties into dig­i­tal assets while expand­ing them across its glob­al net­work into new markets.
  • To be clear, this part­ner­ship is unre­lat­ed to cryp­tocur­ren­cies per se. A spokesper­son from Citi told Cryp­toPota­to that the pilot would focus specif­i­cal­ly on tok­enized secu­ri­ties – such as tok­enized bonds and equities.
  • The tech­no­log­i­cal changes will be an “inte­gral” part of Citi’s insti­tu­tion­al client strat­e­gy around dig­i­tal assets, accord­ing to the release.
  • “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.

  • METACO CEO and Founder Adrien Trec­ca­ni added that the part­ner­ship is a “mar­ket-defin­ing moment for insti­tu­tion­al adop­tion of dig­i­tal assets.”
  • METACO has sup­port­ed mul­ti­ple imple­men­ta­tions of its tech­nol­o­gy stack for insti­tu­tions reg­u­lat­ed by FINMA, BaFin, FCA, Ban­co de España, and MAS.
  • Citi cur­rent­ly holds $27 tril­lion in assets under man­age­ment, span­ning 63 markets.
  • A slew of banks began offer­ing cryp­tocur­ren­cy (ex. Bit­coin) cus­tody ser­vices last year, with the Boston-based Slate Street announc­ing such ser­vices for mul­ti­ple top cryp­tos in March.
  • Some larg­er banks, such as Bank of Amer­i­ca, feel barred from enter­ing the dig­i­tal asset mar­ket with such ser­vices due to reg­u­la­to­ry pressure.
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