Technology
Digital Digest: The Latest Tech News – Citigroup
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.