Citi Unveils Bitcoin Custody Service Amid Pro-Crypto Legislation

Citi is set to launch its Bitcoin custody service later this year. The bank's Custody+ product will allow institutional investors to hold both traditional assets and bitcoin within a single framework, eliminating the need for separate systems.

The move follows several years of development by Citi, which has been working on digital asset custody services since last year.

Citi Head of Investor Services Chris Cox stated that Custody+ is 'a clear example' of the bank's investment in infrastructure to reduce latency and drag for institutional investor clients.

The service will provide clients with continuous visibility and near-instant execution across various transactions, including servicing, settlement, FX, cash, and data. Clients will also have flexibility to plug in digital assets or build their own offerings on top of Citi's rails.