Metaco Is Building Digital Asset Custody for Citibank

Citibank announced that they selected the Swiss digital custody firm Metaco to integrate their upcoming crypto custody services. This partnership will enable clients to store and settle digital assets. Citibank plans to fully integrate Metaco’s Harmonize- a bank-grade crypto custody and orchestration platform.

Many crypto custody firms take advantage of IBM’s cryptographic key management infrastructure. An article from February 2022 revealed that Metaco was the latest firm to do so. IBM supplies a good portion of banks with hardware security modules. IBM quickly realized that partnering with crypto custody firms would be the better outcome over competing with them. This way IBM’s established tools can be used as a “layer zero for blockchain tech for others to build on top.”

Citibank is one of the largest global banks with 200 million customer accounts. They provide financial products and services to consumers, corporations/institutions, and governments.