Market Analysis Report (23 Jun 2022)

Banking powerhouse Citigroup has selected Swiss cryptocurrency custody firm Metaco to develop the bank’s digital assets custody solution. The bank, which holds about $27 trillion in assets under custody, is set to integrate Metaco’s “Harmonize” crypto custody platform into its infrastructure.

The move will allow Citi to develop a platform that allows clients to store and settle digital assets “seamlessly and securely.”

Okan Pekin, Global Head of Securities Services at Citi, was quoted saying:

“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.”

The announcement concerns Citi’s Securities Services team, meaning the focus will be on things like tokenized securities, which are representations of assets like stocks and bonds on a blockchain.

Metaco has provided crypto custody support for a number of banks, including Spain’s BBVA and GazpromBank in Switzerland.