US banking giant Citigroup has partnered Metaco, a Switzerland-based crypto infrastructure firm, to pilot and develop a digital asset custody platform.
The bank is exploring custody capabilities for tokenized securities such as blockchain-based stocks and bonds.
Citigroup has more than $27 trillion of assets under custody.
Metaco will develop Citibank’s digital asset custody platform rather than building on its own.
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.
Citi plans to integrate Metaco’s infrastructure platform — called Harmonize — into its existing infrastructure to develop and pilot digital asset custody capabilities.
Harmonize connects financial and non-financial institutions to the world of decentralized finance and offers tools for crypto custody, trading, staking and tokenization, according to Metaco’s website.