Citibank, Swiss Crypto Firm Partner To Develop Bitcoin Custody Services
Citibank, a major global banking institution, revealed on Wednesday that it has hired Switzerland-headquartered crypto custody firm Metaco to establish a digital asset custody platform. The collaboration will focus on tokenized securities, which are representations of stocks and bonds that are transferred and settled using blockchain technology, according to an email from a Citibank official. […]
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Citibank is officially joining the crypto custody race, announcing plans to launch a regulated digital asset storage platform in 2026 after more than three years of development. Related Reading: Strategy Resumes Bitcoin Buying: Another 220 BTC Added The action marks one of Wall Street’s clearest commitments yet to integrating blockchain infrastructure into mainstream finance, as […]
In an interesting turn of events, a traditional bank has been experimenting with its own cryptocurrency. Citibank has developed at least three of its own cryptocurrencies based on the same principles as Bitcoin. This is on the heels of other major league bankers admitting that block chain technology makes some traditional financial services redundant. The traditional banking industry stands to gain a great deal by adopting Bitcoin into its strategy, and this is why it probably comes as no surprise to many readers that Citibank would experiment in such a way. Also read: The Greek Bank Run....
The banking arm of the Swiss post office and fifth largest Swiss retail bank is set to launch bitcoin trading and custody services by 2024.
The Swiss firm plans to expand into the Middle East and Asia and offer services for U.S. institutional clients.
Woori Financial Group, one of the biggest financial conglomerates in South Korea, will offer crypto custody services. The bank will develop a joint venture effort with Coinplug, a blockchain-based developing company. This conglomerate signals the third bank entering the market in the country, after KB Kookmin Bank and Shinhan Bank. Woori Financial to Develop Joint Venture to Offer Custody Services Woori Financial Group, one of the biggest banks in South Korea, will soon offer cryptocurrency custody services. According to reports from Korea Economic Daily, Woori will establish a joint....