Citibank, Swiss Crypto Firm Partner To Develop Bitcoin Custody Services

Citibank, Swiss Crypto Firm Partner To Develop Bitcoin Custody Services


Citibank, a major global banking institution, revealed on Wednesday that it has hired Switzerland-headquartered crypto custody firm Metaco to establish a digital asset custody platform.

The collaboration will focus on tokenized securities, which are representations of stocks and bonds that are transferred and settled using blockchain technology, according to an email from a Citibank official.

Citibank, which manages more than $27 trillion in assets, has tapped the expertise of Metaco to construct its digital assets custody platform instead of building its own.

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According to a report by Business Wire, through this partnership, Metaco’s digital solutions and technology will be merged with Citibank’s enormous custody network to create a platform that would enable consumers to securely retain and settle digital assets such as Bitcoin (BTC).

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