Overview
- Citi plans to roll out digital asset custody services later this year, beginning with Bitcoin.
- The offering will allow institutional clients to manage both traditional and cryptocurrency custody within a single framework.
- Citi Token Services currently facilitates 24/7 transfers of tokenized deposits in specific markets.
Citi is set to enhance its digital asset capabilities by introducing Bitcoin custody alongside its traditional asset services.
This initiative was announced on Tuesday and will be integrated into Custody+, a comprehensive suite of custody and settlement solutions. The bank indicated that clients will benefit from the ability to access both traditional securities and crypto custody through the same system.
Myriad: What will Bitcoin's next move be? Make your prediction here.This announcement builds on Citi's previous plans disclosed in October to initiate institutional Bitcoin custody services by 2026.
According to Amit Agarwal, Head of Custody at Citi Investor Services, "Custody+ results from a long-term commitment to developing infrastructure that aligns with the rapid pace of our clients’ strategies. Each solution is crafted to assist clients in streamlining their operational models in the face of growing complexities in the market environment."
As of now, Citi reports that over 80% of its asset-servicing event volume is processed in real time. The Citi Token Services platform also enables clients to transfer tokenized deposits almost instantaneously, 24/7, in select markets.
"Custody+ represents our response to the evolving demands of our clients as the industry shifts from traditional systems to next-generation architecture," Agarwal noted.
This announcement arrives as leading banks broaden their involvement in digital assets.
Earlier this year, the New York Stock Exchange revealed it is collaborating with Citi and BNY on a forthcoming blockchain platform designed for tokenized stocks and ETFs. Additionally, Morgan Stanley has sought a national trust bank charter to establish a unit focused on crypto custody.