Citi Prepares to Offer Bitcoin Custody Services to Institutional Clients

Citigroup is set to launch bitcoin custody services for institutional clients later this year. The bank's institutional infrastructure arm, Custody+, will provide a suite of services including custody, settlement, foreign exchange, and cash management. Initially, the service will support Bitcoin (BTC) and allow clients to access traditional and crypto custody through the same framework.

Citi's custody operation serves over 100 markets worldwide, with its own network in 62 of those markets. By adding bitcoin custody, clients can keep their assets under the same bank that manages their stocks and bonds, making it easier for institutions to invest in Bitcoin without using a separate crypto custodian.

Citi has been working to modernize its systems, rolling out new technology in the US that processes many tasks through one system instead of multiple steps. The bank claims over 80% of custody-related events are now processed in real-time, with processing times cut by up to 92%, and 96% completed within two hours.