Citi Prepares to Launch Digital Asset Custody with Focus on Bitcoin

Citi, one of Wall Street's largest banks, is preparing to launch its digital asset custody service later this year. The bank will initially support Bitcoin, with plans to expand its custody services to other assets in the future.

The new service, called Custody+, will sit alongside Citi's traditional custody business and offer a one-stop experience for clients. According to Citi, the crypto-focused part of the business will launch later this year due to the 24/7 nature of digital asset trading.

Citi has been ramping up its efforts in the cryptocurrency industry since 2021, adding up to 100 people to its cryptocurrency team. The bank's move into digital asset custody is seen as a significant step towards mainstream adoption of cryptocurrencies by institutional investors.