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.
[adinserter block="1"]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.
Follow us on X, Facebook and TelegramDon't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
