Citi is working with infrastructure firm Metaco to develop institutional digital asset custody.
Citi wants to let its clients securely store and settle digital assets like tokenized bonds and equities and deploying Metaco’s custody platform will let it do so faster, at scale.
Citi’s focus on tokenized securities allows it to work with digital assets and the blockchain without diving into cryptocurrencies, which are still a regulatory gray area for banks.
Citi plans to fully integrate Metaco’s custody platform, Harmonize, into its current infrastructure, as part of its focus on “developing new capabilities to support digital asset classes that are becoming increasingly relevant to our clients,” global head of securities services, Okan Pekin, said in a press release.
BBVA and DBS also work with Metaco, while State Street has a partnership with infrastructure provider Copper.