Citibank to develop “market-defining” digital assets platform

What 

The banking group, one of the biggest in the world, has announced a partnership with a Swiss crypto custody provider, Metaco, to develop a platform that will enable clients to store and settle digital assets

Why 

This partnership extends Citi’s existing capabilities to digital assets

What next 

Citibank has made no secret of its intentions to play in the digital assets space. Last year, the banking giant announced its intention to hire 100 staffers to build its digital assets division

The story 

“We are witnessing the increasing digitisation of traditional investment assets along with new native digital assets,” said Okan Pekin, Global Head of Securities Services at Citi. 

Pekin explained the partnership as supporting digital asset classes that are becoming increasingly relevant to clients. Citi is one of the largest banking groups in the world, with 200 million customer accounts spread across 160 countries and jurisdictions.

“This initiative is a market-defining moment for institutional adoption of digital assets.” said Adrien Treccani, CEO and Founder of Metaco.

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