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

source-logo  coindesk.com 30 June 2023 13:19, UTC

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.

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.