Citibank Building Crypto Custody Service, Says Mass Digitization of Traditional Investments Underway

Financial services giant Citibank is creating a crypto custody service, saying a massive digitization of traditional investments is already underway.

According to a new press release, Citi has selected Swiss crypto custody firm METACO as a partner to develop digital asset custody capabilities.

“This collaboration combines METACO’s technology and digital solutions with Citi’s extensive custody network to develop a platform for customers to store and settle digital assets seamlessly and securely.

Citi intends to fully integrate METACO’s bank-grade digital asset custody and orchestration platform, Harmonize, into its existing infrastructure to develop and pilot digital asset custody capabilities. …

This strategic partnership allows Citi to extend its existing capabilities to digital assets while leveraging its current technology, operations and service model.

Citi’s extensive global network, combined with the power of the Harmonize platform, will enable Citi to safely and efficiently expand into new markets, while utilizing its existing global operations, technology and risk framework.

METACO’s Harmonize is a crypto orchestration service for financial and non-financial institutions that includes custodial, trading and tokenization services, as well as smart contract staking and management, all with full regulatory compliance , according to the press release.

Okan Pekin, global head of securities services at Citi, which currently holds $27 trillion in assets in custody, says digital assets are becoming increasingly important to the firm’s clients.

“We are seeing the increasing digitization of traditional investment assets as well as new native digital assets. We innovate and develop new capabilities to support digital asset classes that are becoming increasingly relevant to our clients.

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