Citi is reviewing its digital asset custody agreement with Metaco, which was acquired by Ripple for $250 million last month. That’s according to a Bloomberg report today.
At the time of the buyout announcement, we reached out to a few of Metaco’s banking clients to assess their reaction, but they declined to comment. Metaco is to be run independently of Ripple.
Metaco provides custody technology solutions to numerous major banks, but Citi is the main one that is headquartered in the United States. Ripple is locked in a fierce battle with the Securities and Exchange Commission (SEC) over whether the XRP crypto token is a security. The Bloomberg report said it was unclear whether the Ripple acquisition motivated the move.
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