Key Takeaways
Citigroup is exploring adding crypto custody services, joining other major banks.
State Street, BNY Mellon, and others are expanding into digital asset custody.
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Citigroup is exploring the addition of crypto custody services to its offerings, according to people familiar with the matter cited by The Information.
The bank’s interest in crypto custody follows its February 14, 2024 announcement of a successful proof of concept project that demonstrated the ability to issue and custody tokenized versions of private equity funds on a blockchain network.
“Coinbase is in talks with banks to offer custody and trading services as a partner. But many banks will still need further regulatory approval, such as from the Fed and NY DFS,” said The Information reporter Yueqi Yang.
Citigroup, which holds approximately $2.4 trillion in total assets as of 2024, joins several major financial institutions expanding into digital asset custody.
BNY Mellon has received regulatory approval for digital asset custody beyond Bitcoin and Ethereum ETFs, while Standard Chartered launched a digital asset custody facility in Dubai.
HSBC has announced plans for an institutional-grade custody service, and Crédit Agricole and Banco Santander’s joint venture secured crypto custody approval in France.
State Street, which manages $44.3 trillion in assets under custody or administration, announced a partnership with Taurus to launch crypto custody and tokenization services for institutional investors in August.
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