Citigroup teams up with Metaco to develop digital asset custody platform

Quick Take

  • Citigroup has partnered with Metaco to develop digital asset custody capabilities.
  • The bank will explore custody capabilities for tokenized securities such as blockchain-based stocks and bonds.

US banking giant Citigroup has partnered with Switzerland-based crypto infrastructure firm Metaco to pilot and develop a digital asset custody platform.

The news comes from Citigroup's securities services team, a spokesperson of the bank told The Block today. The bank will explore custody capabilities for tokenized securities such as blockchain-based stocks and bonds.

Citigroup, which has more than $27 trillion of assets under custody, has chosen Metaco to develop its digital asset custody platform rather than building on its own. The Citigroup spokesperson didn't respond to The Block's request for comment on the thinking behind this decision.

Citigroup is not the only traditional finance firm working with Metaco to offer digital asset services. Standard Chartered, BBVA, DBS Bank and the Union Bank of the Philippines have all partnered with Metaco in recent years.

Founded in 2015, Metaco is backed by high-profile investors, including Standard Chartered Bank's SC Ventures, Swiss bank Zurcher Kantonalbank, Swisscom and Swiss Post. The firm has raised $21 million in total funding to date.