For Digital Asset Custody, Citibank Selects the Swiss Company Metaco
- Metaco will provide digital asset custody services for Citibank. The move comes as part of Citibank’s focus on tokenized securities.
- METACO Harmonize is a system for coordinating digital assets. The platform links organizations to the emerging world of decentralized finance.
- Several banks, notably Spain’s BBVA (BME) and GazpromBank, have used the crypto custody infrastructure offered by Metaco.
Now, with the addition of Metaco’s “Harmonize” crypto custody platform, CitiBank will be able to offer even more comprehensive services to its clients. With Harmonize, Citi will be able to offer a full range of crypto-asset custody services, from safe storage and insurance to transaction processing and reporting.
This is a major development for both Citi and Metaco, and it underscores the growing importance of crypto assets in the global economy. With this partnership in place, Citi is well-positioned to become the go-to provider for all your crypto custody needs.
The move comes as Citi looks to build out its blockchain operations. The bank has been active in the space for a few years now and announced a partnership with cryptocurrency startup Chain last October to explore uses for the tech beyond payments.
Now, it seems Citi is ready to take things one step further. With this latest announcement, the bank is making it clear that it’s interested in using blockchain technology to streamline some of its more complicated financial processes.
This could have major implications not just for Citi but for the financial industry as a whole. If Citi is able to successfully use blockchain technology to streamline securities settlement, other banks are likely to follow suit. And that could lead to significant changes in how stocks and bonds are traded and settled around the world.
Citi joins a number of other large banks that have already taken steps to enter the digital assets space. Goldman Sachs was one of the first movers, announcing in May that they would begin offering bitcoin futures trading to clients. JPMorgan followed suit in November, announcing that they would also offer BTC futures trading.
Barry Pene is a stern blockchain research/copywriter. Barry has been trading cryptos since 2017 and has been invested in issues that would put the blockchain industry on the right pedestal. Barry's research expertise cuts across blockchain as a disruptive technology, DeFis, NFTs, Web3, and reduction of energy consumption levels of cryptocurrency mining.
