Recent announcements indicate Citi will partner with METACO on a new custodian project. Citi announced on June 22nd that it ant to test run its crypto custodian capabilities.
With this partnership, both firms will combine their technological platforms. METACO will provide its digital and technology solutions. Then Citi would use its wide custody network.
The aim is to create a platform where clients can hold digital assets such as BTC. Business Wire’s report says the platform would be safe and secure.
Also, to create and test its custody functionality, Citi will partner with METACO. The securities bank would integrate the bank-grade crypto asset custody platform of METACO called Harmonize.
Citi will incorporate Harmonize into its present infrastructure. According to Okan Pekin, Citi’s Head of Securities:
“This is a bold step to increase the digitization of conventional assets with digital assets. The company is developing and innovating new functions to support this nascent asset class. This will allow our us to get offer digital asset services to our clients.”
Citi Wants To Expand Its Cryptocurrency Capabilities
This alliance with METACO will change the securities firm’s operational and technical model. This is to allow Citi to increase its digital asset operations.
Meanwhile, the CEO of METACO, Adrien Treccani, while commenting on the collaboration, noted that:
“The company is pleased to partner with Citi on its custodian project. Citi is among the largest securities firm and has a vision to bridge the gap between traditional and digital assets. This project is a huge moment for widespread adoption of virtual assets.”
In the crypto asset community, METACO is among the major tech supplier to finance firms. It has supported various projects such as those of regulatory agencies. Among these agencies are BaFin, FCA, FINMA, MAS, and Banco de España.
Furthermore, Citi Securities has more than $27 trillion worth of assets under its management. The firm offers customers innovative processing tech and experience in the local market.
Also, Citi offers fund and custody services. The bank can adapt these services to fit the requirements of the client.
More Banks Now Offering Cryptocurrency Custody Services
The crypto market is growing, and virtual currencies are gaining widespread adoption. Various payment companies have embraced the crypto sector by integrating digital currencies.
However, financial institutions have joined in on the crypto frenzy. American states have started endorsing their financial institutions to carry out crypto transactions.
On June 21st, John Bel, Louisiana’s governor, signed a new bill. The bill would allow financial institutions in the country to be crypto custodians. This means that financial institutions in Louisiana can hold digital assets on behalf of customers.