Citibank Chooses Swiss Firm Metaco for Digital Asset Custody

The custody platform integration is with Securities Services and will focus on tokenized securities to begin with.

AccessTimeIconJun 22, 2022 at 7:53 a.m. UTC

Ian Allison is an award-winning senior reporter at CoinDesk. He holds ETH.

Banking powerhouse Citibank (C) has selected Swiss cryptocurrency custody firm Metaco to develop the bank’s digital assets safekeeping capabilities.

Citi, which holds about $27 trillion assets under custody, intends to fully integrate Metaco’s “Harmonize” crypto custody platform, the companies said on Wednesday.

The announcement concerns Citi’s Securities Services team, a representative for the bank pointed out via email, meaning the focus for now will be on things like tokenized securities: representations of stocks and bonds moved around and settled using blockchain tech.

Like Goldman Sachs (GS) and JPMorgan (JPM), Citi offers trading in bitcoin (BTC) futures, and in November of last year the bank revealed plans to hire 100 staffers to beef up a digital assets division for institutional clients.

“We are witnessing the increasing digitization 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,” said Okan Pekin, Global Head of Securities Services at Citi in a statement.

Metaco has provided crypto custody plumbing for a number of banks, including Spain’s BBVA (BME) and GazpromBank (Switzerland). The Swiss technology firm is also working with the digital asset division of IBM, a favorite infrastructure provider for most of the world’s banks.


Read more about

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Ian Allison is an award-winning senior reporter at CoinDesk. He holds ETH.

CoinDesk - Unknown

Ian Allison is an award-winning senior reporter at CoinDesk. He holds ETH.

Trending

2
CoinDesk - Unknown
Coordinape Is Decentralizing Compensation Decision-Making

“The future of labor needs to be able to break out of the top-down rigid, hierarchical structures we’re familiar with from the corporate world,” says Coordinape co-founder Tracheopteryx.

CoinDesk - Unknown
3
CoinDesk - Unknown
Bitmain to Start Selling New Ethereum Mining Rig Model Tomorrow

Despite the Merge edging closer, Bitmain is releasing an Ethereum ASIC.

CoinDesk - Unknown
4
CoinDesk - Unknown
Crypto News Roundup for July 5, 2022

With the crypto market appearing to have stabilized while altcoins take the lead, plus a look at the surprising lack of crypto contagion, CoinDesk’s “Markets Daily” is back with the latest news roundup.

CoinDesk - Unknown