Citigroup Reviews Partnership With Ripple-Owned Metaco: Report
It is not known if Ripple's takeover is connected to this....
- Citigroup Inc. is reportedly reviewing its partnership with Metaco, a Swiss firm specializing in crypto custody for institutional investors.
- The decision comes amidst tumultuous market conditions in the digital assets industry.
- Both Citi and Metaco have started informal talks with other providers, according to anonymous sources.
- The reason for the decision has not been revealed, and a Citi representative declined to comment.
- Other banking partners in the crypto industry have also ended partnerships or stepped back due to uncertainty.
- Ripple recently acquired Metaco for $250 million, but its ongoing lawsuit with the SEC and custody concerns may be alarming for Citi.
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The sentiment of the article is negative, as it highlights the uncertainty and potential concerns surrounding Citigroup's partnership with Metaco in the crypto custody space.
You May Ask
Why is Citigroup reviewing its partnership with Metaco?What are the market conditions that have strained relationships in the digital assets industry?How long has the partnership between Citigroup and Metaco been in place?What other banking partners in the crypto industry have ended partnerships or stepped back?What is the ongoing lawsuit between Ripple and the SEC about?