Citi Bank is launching Bitcoin Custody services for institutional investors. With this move, the bank is looking to extend its capabilities to digital assets.
In order to do so, the bank will partner with the orchestration platform METACO that’ll help in the development and trial of this functionality. After this announcement, METACO stated:
“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.”
In addition to that, the statement also said:
“Citi will 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.”
Moreover, Global Head of Securities Services at Citi, Okan Pekin said:
“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 clients.”
Moreover, Citi Bank is hoping to extend its capabilities to digital assets with this partnership while leveraging it’s current technological, operating, and serving model.
Many believe that digital asset custodians can push for wider adoption of future digital assets. In fact, Koinly Australia regional head Adam Saille Brown talked about this, saying:
“Citi and METACO’s partnership is the perfect opportunity to finally marry older practices with modern technology, paving the way for digital assets to become a more mainstream investment option.“