Technology

Digital Digest: The Latest Tech News – Citigroup

Amanda Cheesley, Deputy Editor, London, 24 June 2022

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The latest digital and technology innovations, product and service developments in the world's wealth management sector.

Citigroup
Citigroup has selected Metaco to develop and pilot digital asset custody capabilities.

This collaboration brings together Metaco’s technology and digital solutions with Citigroup’s expansive custody network to develop a platform to enable clients to store and settle digital assets seamlessly and securely, the firm said. Citigroup intends to fully integrate Metaco's bank-grade digital asset custody and orchestration platform, Harmonize, into its existing infrastructure in order to develop and pilot digital asset custody capabilities, the firm added.

“We are witnessing the increasing digitisation of traditional investment assets along with new native digital assets. We are innovating and developing new capabilities to support digital asset classes that are becoming increasingly relevant to our clients,” said Okan Pekin, global head of securities services at Citigroup.

This strategic partnership enables Citigroup to extend its existing capabilities to digital assets while leveraging its current technological, operating and servicing model. Citigroup’s extensive global network, coupled with the power of the Harmonize platform, will allow Citi to expand securely and effectively into new markets, while using its existing global operations, technology, and risk frameworks. The technology capabilities developed under this partnership will be an integral part of the US bank's Institutional Client Group digital asset strategy, the firm added.

Welcoming the move, Adrien Treccani, CEO and founder of Metaco said: “We are pleased to team up with Citigroup, one of the largest securities services firms, to support them in their vision to bridge digital and traditional assets. This initiative is a market-defining moment for institutional adoption of digital assets.”

With more than $27 trillion of assets under custody, administration and trust, and an industry-leading proprietary network spanning 63 markets, Citi Securities Services provides clients with local market expertise, advanced processing technologies, and a wide range of custody and fund services that can be tailored to meet clients’ needs.

 

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