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Citigroup Reviews Partnership With Metaco, in Talks With Other Crypto Custodians: Bloomberg

Citigroup has started discussions with other crypto custody partners, according to the report.

By Oliver Knight
AccessTimeIconJun 30, 2023 at 12:22 p.m. UTC
Citigroup reviews Metaco partnership (Miquel Parera/Unsplash)
Citigroup reviews Metaco partnership (Miquel Parera/Unsplash)
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Banking giant Citigroup (C) is reviewing its partnership with Metaco a month after Ripple Labs announced that it has agreed to acquire the crypto custody firm for $250 million, according to a Bloomberg report, citing people familiar with the matter.

Citigroup has now started talks with several other custody providers, the report added.

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    • Ripple announced the acquisition of Metaco in May. The deal announcement came on the back of Ripple's ongoing legal tussle with the U.S. Securities and Exchange Commission (SEC), which is estimated to cost the blockchain firm around $200 million.

    Citigroup initially selected Metaco as its custody partner in June last year as it looked to expand into tokenized securities and other blockchain-related products.

    Neither Citigroup or Metaco immediately responded to CoinDesk's request for comment.

    Edited by Parikshit Mishra.

    Disclosure

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    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Oliver Knight
    Oliver Knight

    Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.

    Follow @OKnightCrypto on Twitter

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