Citi Plans Bitcoin Custody Service for Institutions in 2024
Citigroup is moving into digital asset custody, targeting institutional clients with a bitcoin holding service set to launch later this year.
Citigroup is preparing to roll out a bitcoin custody service aimed at institutional investors before the end of this year, marking a significant step by one of Wall Street's largest banks into regulated digital asset infrastructure. The move signals growing mainstream financial appetite for crypto services as institutional demand accelerates following the launch of spot bitcoin ETFs in the United States.
By offering custody — the secure holding and safekeeping of digital assets on behalf of clients — Citi would join a small but expanding group of major banks building out crypto infrastructure. Custody is considered a foundational service in institutional finance, and its extension to bitcoin represents a maturation of how traditional lenders view the asset class.
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The timing reflects a broader shift on Wall Street, where regulatory clarity and surging client interest have pushed firms that once kept crypto at arm's length to re-examine their strategies. For institutional players such as hedge funds, asset managers, and corporate treasuries, a custody offering from a globally recognized bank like Citi could lower the barrier to bitcoin exposure compared with relying on crypto-native custodians.
While specific details about the scope of the service, pricing, or which jurisdictions it will initially cover were not disclosed, the announcement underscores how rapidly the competitive landscape for institutional crypto services is evolving. Banks that delay risk ceding ground to both fintech rivals and established crypto firms already entrenched with large clients.
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