Citi Investor Providers has launched Custody+, a modular suite of near- and real-time custody options, and confirmed that its first digital asset custody providing can be bitcoin.
Bitcoin first
The financial institution stated it expects to go stay with digital asset custody later this yr, starting with the custody of bitcoin.
Citi famous that digital property already function on near-instant settlement across the clock, a distinction to the legacy infrastructure it’s now rebuilding.
The providing is being constructed on Citi’s frequent digital asset structure, permitting purchasers to entry conventional and bitcoin custody throughout the identical framework.
All the time-on markets
The launch comes as institutional buyers cope with compressed settlement cycles and steady buying and selling, pressures lengthy acquainted to anybody monitoring bitcoin’s 100% community uptime.
Citi’s custody enterprise helps purchasers throughout greater than 100 markets, together with 62 proprietary markets.
Chris Cox, Head of Investor Providers at Citi, stated:
“Citi’s Providers enterprise invests over US$2 billion yearly in its platform technique with a concentrate on pace, scale and availability. Custody+ is a transparent instance of this funding as we construct infrastructure to get rid of latency and drag for institutional investor purchasers.”
Infrastructure overhaul
The announcement coincides with the completion of the U.S. rollout of Citi’s patented Single Occasion Processing expertise, which has reduce processing instances for voluntary company actions by as much as 92%.
Over 80% of the financial institution’s complete occasion quantity is now dealt with in actual time, with 96% of U.S. voluntary occasions processed in beneath two hours.
Amit Agarwal, Head of Custody at Citi Investor Providers, stated:
“Custody+ is the product of a multi-year dedication to constructing infrastructure that matches the pace of our purchasers’ methods.”