Citibank & Swiss Company METACO to Develop Institutional Crypto Custody

Although the cryptocurrency business has grown rather well, the general public has not yet fully embraced it. With its extensive network, Citibank is making sure that occurs, and the most recent cooperation is another step in the right direction.

METACO X Citibank

In a news statement, the international bank disclosed its collaboration with the Swiss technology firm METACO to expand Institutional Digital Asset Custody opportunities for its customers.

The bank-grade digital asset custody and orchestration platform Harmonize from the seven-year-old Swiss business will be included into Citi's current system.

Citi will be able to leverage its vast network of custody facilities to enable customers to store and settle digital assets as well as create and test new digital asset custody capabilities.

The global head of securities services at Citi, Okan Pekin, commented on this alliance by saying, "We are witnessing the rapid digitalization of conventional investment assets together with new native digital assets. To serve digital asset classes that are increasingly important to our clients, we are innovating and creating new capabilities.

Over $27 trillion worth of assets are already in the custody, management, and trust of Citi Securities Services. METACO has also played a significant role in a number of significant implementations, including those involving FINMA, BaFin, FCA, Banco de Espaa, and MAS-regulated institutions.

The cryptocurrency market declines

Although the alliance is advantageous to both businesses, it was made at a time when the crypto industry as a whole was in doubt.

The market capitalization of cryptocurrencies slipped below $1 trillion last month, reaching $879 billion, after losing more than $435 billion.

Although there have been conflicting signs of a rebound for some time, the market finds it difficult to stay on one course due to the volatility seen on-chain.

As a result, it is unclear when the market will be able to recapture the $1 trillion level, but investors continue to be optimistic.