Citi Financial Group selected METACO to develop and test digital asset custody custody is a financial institution's legal capacity to keep and preserve financial assets for its clients to avoid asset theft or loss. capabilities.
- Citi partners with tech company METACO
- The main joint action will be the custody of digital assets.
- Incorporará la tecnología Harmonize
The international financial services company CitiGroup o Citi, of which it forms part Citibank has a clear interest in crypto custody. Today it announced that it selected METACO to work in digital asset custody.
In addition, this collaboration brings together technology and digital solutions from METACO with the extensive custodial custodial cryptocurrency businesses are the ones that are in possession of their customers’ funds for the duration of the use of their services. network a network refers to all nodes in the operation of a blockchain at any given moment in time. of Citi. Together they seek to develop a platform a place to buy, sell and store cryptocurrency that allows clients to “store and settle digital assets in a transparent and secure manner”. .
In this regard, Citi tiene la intención de integrar completamente la plataforma de orquestación y custodia de activos digitales de grado bancario de METACO, Harmonize, into its existing infrastructure. In this way, it wants to develop and test digital asset safekeeping capabilities.
“We are witnessing the increasing digitization of traditional investment assets alongside new digital digital technologies are these electronic tools that have the ability to generate, store or even process data. native assets. We are innovating and developing new capabilities to support the opposite of Resistance, it is a threshold that crypto’s price doesn’t fall below. the digital asset classes that are becoming increasingly relevant to our clients.” said Okan Pekin, Global Head of Securities Services at Citi .
About the association
This strategic partnership also allows Citi extend its existing capabilities to digital assets. At the same time, it leverages its existing technology, operating and service model. The technology capabilities developed under this partnership will be an integral part of the digital asset strategy of the institutional client a client is software that can access and process blockchain transactions on a local computer. A common application of this is a cryptocurrency software wallet. group of Citi.
Adrien Treccani, CEO and founder of METACO, he commented:“Nos complace asociarnos con Citi, una de las firmas de servicios de valores más grandes, para apoyarlos en su visión de unir los activos digitales y tradicionales. Esta iniciativa es un momento que define el mercado para la adopción institucional de activos digitales”.
It should also be noted that the Swiss firm METACO has supported several key implementations. These include institutions regulated regulation is when something is controlled by a specific set of rules. by FINMA, BaFin, FCA, Bank of Spain y MORE.
Specifically, the company’s main product, Harmonize, is an orchestration system for digital assets. From cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. safekeeping and trading to tokenization, the staking participation in a proof-of-stake (PoS) system to put your tokens in to serve as a validator to the blockchain and receive rewards. and smart contract in traditional finance, a contract is a binding agreement between two parties. In cryptocurrencies, smart contracts execute functions on the blockchain. management, the platform connects institutions to the new world of decentralized decentralization refers to the property of a system in which nodes or actors work in concert in a distributed fashion to achieve a common goal. finance (DeFi).
More from Citi
As well as Goldman Sachs y JPMorgan, Citi announced that would start offering futures a futures contract is a standardized legal agreement to buy or sell a particular commodity or asset at a predetermined price at a specified time in the future. trading of Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. and in November of last year the bank unveiled plans to hire 100 employees to strengthen a digital assets division for institutional clients.
Also, among the latest news, it was learned that Celsius I would be seeking advice from Citigroup , based in New York, to evaluate possible solutions to its alleged insolvency problem. The crypto-lending platform, which had been facing problems, informed its customers that it was pausing withdrawals, exchanges and transfers due to “extreme market an area or arena, online or offline, in which commercial dealings are conducted. conditions”.
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