Banking conglomerate Citigroup is seeking a replacement for Swiss crypto custodian Metaco after Ripple Labs announced a $250 million takeover of the latter, Bloomberg reports.
According to anonymous sources, the financial giant is already in talks with several organizations to store digital assets.
Citigroup selected Metaco as its custodial partner in June 2022. As part of the agreement, the firm launched Harmonize, a cryptocurrency portfolio management platform.
The conglomerate has over 200 million customer accounts and does business in 160 countries and jurisdictions.
So far, there is no confirmation that the refusal to cooperate with Metaco is associated with the takeover of Ripple. The company said earlier that Custodian will continue to operate as an independent brand and will continue to be led by CEO Adrien Treccani.
Founded in 2015, Metaco offers enterprise-grade solutions for interacting with digital assets. Its Harmonize platform is already used by financial institutions Societe Generale, BBVA, DBS, UnionBank, BNP Paribas, DekaBank and DZ Bank.
Recall that in November 2021, Citigroup announced the launch of a division focused on cryptocurrencies for institutional clients. As part of the initiative, the bank planned to hire 100 specialists.
In August 2022, Citigroup posted several job openings for the position of DeFi and CBDC Risk Managers.
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