Banking behemoth Citi Group is looking to launch crypto custody services.
Citi joins JPMorgan Chase and Bank of America as the latest Wall Street institution to dive head first into crypto, reports CNBC, citing a favorable regulatory environment in the United States.
According to global head of partnerships and innovation in the services business at Citi, Biswarup Chatterjee, the banking giant has been working on a crypto custody product for several years that would involve Citi holding crypto.
Furthermore, Citi is considering both inhouse custody options and working with trust third-parties.
Says Chatterjee,
“We have various kinds of explorations… and we’re hoping that in the next few quarters, we can come to market with a credible custody solution that we can offer to our asset managers and other clients…
We may have certain solutions that are completely designed and built in-house that are targeted towards certain assets and certain segment of our clients, whereas may we may use a … third party, lightweight, nimble solution for other kind of assets…
So we’re not currently ruling out anything.”
Chatterjee also says that Citi is targeting a 2026 launch date and is exploring the possibility of offering a stablecoin to clients as well.
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