Citi Partners with METACO to Develop Institutional Digital Asset Custody Capabilities

Rhea-AI Summary

Citi has partnered with METACO to develop digital asset custody capabilities, integrating METACO's Harmonize platform into Citi's existing infrastructure. This collaboration aims to enhance client services for storing and settling digital assets, responding to the growing demand for digital investment solutions. Citi's extensive custody network and METACO's technology will support the bank's digital asset strategy, amidst increasing institutional adoption of digital assets. With over $27 trillion in assets under custody, Citi seeks to leverage its operational strength in expanding securely into new markets.

Positive

• Strategic partnership with METACO enhances digital asset custody capabilities.
• Integration of Harmonize platform expands service offerings to clients.
• Citi has a strong existing network with over $27 trillion in assets under custody.

Negative

• None.

LONDON--(BUSINESS WIRE)-- Citi announced today that it has selected METACO to develop and pilot digital asset custody capabilities.

This collaboration brings together METACO’s technology and digital solutions with Citi’s expansive custody network to develop a platform to enable clients to store and settle digital assets seamlessly and securely. Citi intends to fully integrate METACO's bank-grade digital asset custody and orchestration platform, Harmonize, into its existing infrastructure, to develop and pilot digital asset custody capabilities.

“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.

This strategic partnership enables Citi to extend its existing capabilities to digital assets while leveraging its current technological, operating and servicing model. Citi’s extensive global network, coupled with the power of the Harmonize platform, will allow Citi to expand securely and effectively into new markets, while utilizing its existing global operations, technology, and risk frameworks. The technology capabilities developed under this partnership will be an integral part of Citi’s Institutional Client Group digital asset strategy.

Adrien Treccani, CEO and Founder of METACO, commented, “We are pleased to team up with Citi, one of the largest securities services firms, to support them in their vision to bridge digital and traditional assets. This initiative is a market-defining moment for institutional adoption of digital assets.”

The leading technology provider to financial institutions in the digital asset ecosystem, METACO has supported several key implementations, including FINMA, BaFin, FCA, Banco de España, and MAS regulated institutions.

With over US$27 trillion of assets under custody, administration and trust, and an industry-leading proprietary network spanning 63 markets, Citi Securities Services provides clients with in-depth local market expertise, advanced processing technologies, and a wide range of custody and fund services that can be tailored to meet clients’ needs.

About Citi
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.

Additional information may be found at www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://blog.citigroup.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi.

About METACO
Founded in 2015 in Switzerland, METACO is a technology company whose mission is to enable financial and non-financial institutions to securely manage their digital asset business and capitalize on the burgeoning digital asset economy.

The company's core product, Harmonize, is an orchestration system for digital assets. From cryptocurrency custody and trading to tokenization, staking and smart contract management, the platform seamlessly connects institutions to the new world of decentralized finance (DeFi).

METACO has established itself as the Tier 1 banking standard, trusted by and in live production with global custodians, exchanges, private and universal banks. Its software, technology and infrastructure solutions enable financial institutions to store, trade, issue and manage digital assets, with the highest possible security and agility. www.metaco.com

View source version on businesswire.com: https://www.businesswire.com/news/home/20220621005892/en/

Media Contacts

Citi: Rekha Jogia-Soni

E: rekha.jogiasoni@citi.com

P: +44 (0) 207 500 2843

Wachsman on behalf of METACO:

Conor Shearman

E: conor.shearman@wachsman.com

P: +353 87 3706262

Source: Citi

FAQ

What digital asset custody capabilities is Citi developing?

Citi is developing digital asset custody capabilities by partnering with METACO to integrate their Harmonize platform into Citi's infrastructure.

How does the partnership with METACO benefit Citi?

The partnership allows Citi to enhance its custody services and offer secure storage and settlement of digital assets to clients.

What is the significance of the Harmonize platform for Citi?

Harmonize is METACO's orchestration system for digital assets, enabling Citi to manage and innovate in the growing digital asset market.

How much does Citi manage in assets under custody?

Citi manages over $27 trillion in assets under custody, administration, and trust.

When was the partnership with METACO announced?

Citi announced the partnership with METACO on the date of the press release.