Citigroup Reassesses Digital Asset Custody Partnership Amid Ripple's Acquisition Of Metaco
Portfolio Pulse from Murtuza Merchant
Citigroup Inc. is reassessing its digital asset custody partnership with Metaco, a Swiss fintech firm, following Metaco's acquisition by Ripple Labs Inc. for $250 million. Ripple Labs is currently involved in a legal battle with the U.S. Securities and Exchange Commission. It is unclear if Citigroup's reassessment is related to the acquisition. Meanwhile, EDX Markets, a crypto exchange backed by Citadel Securities, Fidelity Digital Assets, and Charles Schwab Corp., has decided not to use Paxos as a custodian.
June 30, 2023 | 5:54 pm
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FTX, led by Sam Bankman-Fried, left numerous investors unable to access their assets following the collapse of several notable firms last year.
The collapse of several notable firms last year, including FTX, left numerous investors unable to access their assets. This could potentially impact investor confidence in FTX.
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NEUTRAL IMPACT
Citigroup is reassessing its partnership with Metaco, which may impact its digital asset custody services.
Citigroup's reassessment of its partnership with Metaco could potentially impact its digital asset custody services. However, it is unclear at this stage what the outcome of this reassessment will be.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
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Ripple Labs, the company behind XRP, has acquired Metaco. This could potentially impact XRP's market position.
Ripple Labs' acquisition of Metaco could potentially strengthen its market position, which could in turn impact the price of XRP.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 70