Citi has teamed up with Swiss crypto custody player Metaco to develop and pilot digital asset custody capabilities.
The partnership intends to develop a digital asset platform by combining Metaco’s technology and digital solutions with Citi’s expansive custody network.
Metaco will enable the US-based bank to expand its capabilities to digital assets while taking advantage of its existing technological, operating and servicing model.
Citi said it will fully integrate Harmonize, Metaco’s bank-grade digital asset custody and orchestration platform, into its existing infrastructure to set and pilot digital asset custody capabilities.
Citi global head of Securities Services Okan Pekin said: “We are witnessing the increasing digitisation 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.”
The integration of Harmonize platform into Citi’s global network is expected to enable the bank to expand effectively into new markets. The move also enables the bank to tap its existing global operations, technology, and risk frameworks to support the expansion.
Citi said that the technology capabilities developed in partnership with Metaco will form integral part of its Institutional Client Group digital asset strategy.
Metaco CEO and founder Adrien Treccani said: “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.”
Last month, Japanese investment bank Nomura revealed plans to establish a new digital asset company.