Citi Unveils Plans for Institutional-Grade Bitcoin Custody
Citi, one of Wall Street's largest banks, is expanding its reach into the cryptocurrency market. The banking giant has announced plans to launch a Bitcoin custody service later this year, marking a significant step forward in its foray into digital assets.
The new service will be part of Citi's Custody+ platform, which aims to provide near- and real-time services tailored to the needs of continuous trading and faster settlement. Given that cryptocurrencies operate 24/7, unlike traditional financial assets, the bank expects to launch its cryptocurrency-focused business later this year.
Citi's move into cryptocurrency custody is a significant development in the industry, as it highlights the growing demand for institutional-grade services. The bank has been actively recruiting talent and expanding its team, adding up to 100 people to its cryptocurrency unit last year.