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.
“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.
CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in Bullish Group as part of their compensation.