Citibank is partnering with Switzerland-based METACO to launch a custody service for cryptocurrencies amid the growing digitalization of traditional investment assets.
Citibank chose METACO’s Harmonize management system as the service development tool. It is a cryptocurrency management service for both financial and non-financial institutions that includes custody, trading and tokenization services, as well as staking and smart contract management, all with full regulatory compliance.
“This collaboration brings together METACO’s technology and digital solutions with Citibank’s extensive network of custodians to develop a platform that allows clients to seamlessly and securely store and settle digital assets. Citibank intends to fully integrate Harmonize’s METACO bank-grade digital asset storage and management platform into its infrastructure.
The company said this strategic partnership will expand existing capabilities into digital assets while leveraging its current technology, operating and service model. Okan Pekin, Head of International Securities Services at Citibank, said that digital assets are becoming increasingly important to the company’s clients.
“We are seeing an increasing digitalization of traditional investment assets alongside new digital assets. We are innovating and developing new capabilities to support the increasingly relevant digital asset classes for our clients,” she said.
Citibank is not only moving towards creating infrastructure for the crypto market, but also exploring the metaverse. In May, Citibank announced that the metaverse market will reach a capitalization of $13 trillion by 2030.