Citigroup plans to begin offering bitcoin custody later this year, bringing crypto into the same infrastructure it uses to safeguard traditional assets for institutional investors.
On Tuesday, the bank’s institutional infrastructure arm announced the launch of Custody+, a suite of services designed to make custody, settlement, foreign exchange and cash management faster.
The service, which does not yet have a launch date, will start with bitcoin and give clients access to traditional and crypto custody through the same framework.
Citi’s custody operation serves clients in more than 100 markets, including 62 markets where it runs its own custody network. By adding bitcoin custody, those clients could keep their bitcoin with the same bank that holds their stocks and bonds, making it easier for some institutions to invest in bitcoin without using a separate crypto custodian.
“Custody+ is the product of a multi-year commitment to building infrastructure that matches the speed of our clients’ strategies,” Amit Agarwal, head of custody at Citi Investor Services, said in a statement.