Citigroup plans to start providing bitcoin custody later this yr, bringing crypto into the identical infrastructure it makes use of to safeguard conventional property for institutional buyers.
On Tuesday, the financial institution’s institutional infrastructure arm introduced the launch of Custody+, a collection of providers designed to make custody, settlement, international change and money administration sooner.
The service, which doesn’t but have a launch date, will begin with bitcoin and provides shoppers entry to conventional and crypto custody by means of the identical framework.
Citi’s custody operation serves shoppers in additional than 100 markets, together with 62 markets the place it runs its personal custody community. By including bitcoin custody, these shoppers might preserve their bitcoin with the identical financial institution that holds their shares and bonds, making it simpler for some establishments to put money into bitcoin with out utilizing a separate crypto custodian.
“Custody+ is the product of a multi-year dedication to constructing infrastructure that matches the velocity of our shoppers’ methods,” Amit Agarwal, head of custody at Citi Investor Providers, mentioned in a press release.