To expand its crypto capabilities, Citibank plans to launch bitcoin (BTC) custody services for institutional investors. To this end, the global banking institution has decided to partner with Metaco which is a cryptocurrency custody company based in Switzerland.
Citibank wants to expand its current capabilities
The launch of bitcoin (BTC) custody services is a way for Citibank to expand its current capabilities. Currently, the firm has over $27 trillion in assets under custody. It has approximately 200 million customer accounts and does business in more than 160 countries and territories. It offers its customers innovative treatment technologies as well as comprehensive conservation services and backgrounds that can be personalized.
Citibank’s Global Head of Securities Services, Okan Pekin, said:We are seeing the increasing digitization of traditional investment assets as well as new native digital assets. We innovate and develop new capabilities to support digital asset classes that are becoming increasingly relevant to our clients.»
With this new project, Citibank will join the many other banks that already offer cryptocurrency custody services. It must be said that with the development of the crypto market, the authorities seek to include transactions in digital currencies in the operations of official financial institutions.
Yesterday, Citibank announced its collaboration with Metaco to develop and test digital asset custody capabilities. Citibank intends to merge its extensive custody network with the technology and digital solutions offered by Metaco. It must be said that the latter is the main blockchain technology provider to financial institutions that are part of the digital asset ecosystem. The company has supported numerous projects from major institutions such as BaFin, FCA, Banco de España, FINMA and MAS.
The partnership between Citibank and Metaco will enable set up a reliable, secure and simple platform intended for the custody and exchange of cryptocurrencies such as bitcoin (BTC). Citibank will precisely integrate the Harmonize platform, which is used by Metaco for the custody of digital assets, into its current infrastructure. This will optimize its current technical and operational model as well as its customer service.
Adrien Treccani, CEO and Founder of Metaco, said: “We are pleased to team up with Citi, one of the largest securities services companies, to support them in their vision of bringing digital and traditional assets closer together. This initiative is a defining moment for the adoption of digital assets by institutions.“.
The famous banking institution Citibank has announced that it is launching a project to create a platform for the custody of cryptocurrencies such as bitcoin (BTC). To carry out this project under the best conditions, it decided to sign a partnership with Metaco, the main supplier of blockchain technology to financial institutions.
Source : finbold
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Luc Jose Adjinacou
Far from having dampened my enthusiasm, an unsuccessful investment in a cryptocurrency in 2017 only increased my enthusiasm. I therefore resolved to study and understand the blockchain and its many uses and to relay with my pen information relating to this ecosystem.
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