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 some of Metaco’s bank customers to gauge their reaction, but they declined to comment. Metaco will run independently of Ripple.

Metaco provides custody technology solutions to numerous major banks, but Citi is the main one that is based 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 if the Ripple acquisition prompted the move.

Citi is a valued customer for multiple reasons. It is the fourth largest custodian bank in the world after (after BNY Mellon, State Street, JP Morgan). And it initiated the Regulated Liability Network, which aims to link central bank digital currencies with bank deposit tokens and other tokenized digital assets. It has just completed a proof of concept with the New York Federal Reserve and several other banks.

Over the past two years, Metaco has signed with BNP Paribas Securities Services, SocGen Forge, Citi, as well as German banks DekaBank and DZ Bank. By then he already had several big-name clients, including Standard Chartered’s DBS, BBVA, and Zodia Custody. Many of these are among the most active banks when it comes to tokenization.

Citi isn’t the only bank reviewing its digital asset custody partner. State Street recently parted ways with Copper.