Citi is reportedly preparing to enter the digital asset space with a crypto custody service set to debut in 2026, as traditional financial institutions increasingly explore cryptocurrencies.
According to CNBC on Monday, the bank has been developing the service over the past two to three years. Biswarup Chatterjee, Citi’s global head of partnerships and innovation, said the upcoming offering will allow the bank to hold digital coins and tokens on behalf of its clients.
“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,” Chatterjee told CNBC. Citi did not immediately respond to requests for comment.
Explore more exclusive insights at nextfin.ai.
Insights
What is the concept of crypto custody services?
How has the interest in cryptocurrencies evolved among traditional financial institutions?
What are the key features of Citi's upcoming crypto custody service?
What challenges does Citi face in launching its crypto custody service in 2026?
How does the current market for crypto custody services look?
What feedback have potential users provided regarding crypto custody solutions?
What are the latest developments in the cryptocurrency custody market?
What regulatory changes might impact the launch of Citi's crypto custody service?
How could Citi's entry into the crypto custody market influence industry trends?
What are the potential long-term impacts of increased adoption of crypto custody services?
What existing players are currently dominating the crypto custody market?
How does Citi's approach to crypto custody compare with its competitors?
Have there been any historical cases of banks entering the digital asset space?
What innovative technologies are being utilized in the development of crypto custody solutions?
What controversies or challenges exist regarding the security of digital asset custody?
What role do partnerships play in the development of crypto custody services?
