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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|Edited by Parikshit Mishra

Updated Jun 30, 2023, 12:22 p.m. Published Jun 30, 2023, 12:22 p.m.

Citigroup reviews Metaco partnership (Miquel Parera/Unsplash)

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.

Citigroup Metaco Custody

Oliver Knight

Oliver Knight is the co-leader of CoinDesk data tokens and data team. Before joining CoinDesk in 2022 Oliver spent three years as the chief reporter at Coin Rivet. He first started investing in bitcoin in 2013 and spent a period of his career working at a market making firm in the UK. He does not currently have any crypto holdings.