Citibank is launching a cryptocurrency custody service

The world's largest provider of financial services, Citibank, is launching a cryptocurrency custody service, claiming that traditional investments are already being heavily digitalized.

A recent news release states that Citi has selected METACO, a crypto custody company based in Switzerland, as its partner to develop digital asset custody capabilities.

“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."

The group added that Citi plans to completely integrate METACO's bank-grade Harmonize platform for digital asset orchestration and custody into its current infrastructure in order to create and test digital asset custody capabilities.

The team said, "By utilizing its current technology, operating, and servicing strategy, this strategic alliance enables Citi to extend its existing capabilities to digital assets.

Additionally, the news states that Citi will be able to expand securely and successfully into new regions while employing its current global operations, technology, and risk framework thanks to its vast global network and the strength of the Harmonize platform.

According to a press release, METACO's Harmonize is a cryptocurrency orchestration solution for both financial and non-financial entities. It offers custody, trading, tokenization, staking, and smart contract management services, all of which are fully compliant with regulatory requirements.

Digital assets are growing more and more significant to the clients of the company, according to Okan Pekin, global head of securities services at Citi, which presently has a remarkable $27 trillion in assets under custody.