With know-how from the French-speaking part of Switzerland, the US bank wants to expand its digital assets business. Renowned Swiss investors are behind the infrastructure specialist Metaco.
US banking giant Citigroup has entered into a strategic partnership with Lausanne-based crypto infrastructure specialist Metaco. Together, the two companies plan to develop a platform that will enable clients to securely store and transact digital assets.
Citigroup intends to fully integrate Metaco's platform, Harmonize, into its existing infrastructure to develop and test custody capabilities for digital assets, according to a media release. The strategic partnership will allow the U.S. major bank to extend its existing capabilities to digital assets, leveraging its current technology, operations, and services model.
Digital Asset Classes
«We are innovating and developing new capabilities to support digital asset classes, which are becoming increasingly important to our clients,» commented Okan Pekin, Global Head of Securities Services at Citi, on the new partnership. The solutions developed are expected to become an integral part of Citi's digital asset strategy in its business with institutional clients.
«This initiative is a market-defining moment for the institutional adoption of digital assets,» meanwhile, Adrien Treccani, CEO and Founder of Metaco, is excited about the collaboration.
Switzerland Startup
The crypto startup was founded in 2015 and is backed by notable investors, including Zurcher Kantonalbank, Swisscom, Swiss Post, and Avalaoq. According to business information service Crunchbase, Metaco has received a total of $20 million in funding to date.
Metaco is also working with other traditional banks to provide digital asset services. Standard Chartered, BBVA, DBS Bank, and Union Bank of the Philippines, among others, rely on the western Swiss company. To better serve financial institutions in the Asia-Pacific region, Metaco opened an office in Singapore last October.
